Salem Radio Network News Tuesday, August 16, 2022

Business

Deere quarterly profit rises on higher equipment demand

(Reuters) – Deere & Co reported a 17% rise in quarterly profit on Friday, boosted by higher sales for its tractors, combines and sprayers as gaps in global grain supply triggered by the war in Ukraine fueled crop prices and spurred demand.

Net income rose to $2.09 billion from the quarter ended May 1, from $1.79 billion a year ago.

(Reporting by Aishwarya Nair in Bengaluru; Editing by Krishna Chandra Eluri)

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