The company's farm equipment sales held up better than construction equipment amid the coronavirus pandemic.
"We believe Deere is well-positioned to capitalize on further growth in the world's agricultural and construction equipment markets," CEO Samuel Allen says.
After some lean years for agricultural machinery sales, farmers are “buying equipment again to replenish aging fleet."
The company continues to be optimistic about market conditions, predicting equipment sales will increase 10% this year.
“We are seeing signs that after several years of steep declines key agricultural markets may be stabilizing."
The agricultural equipment giant benefited from its rigorous cost-cutting as the farm spending slump continued to bite into sales.
