Outdoor power equipment maker Deere & Company reported net income of $532.9 million in the first quarter of it current fiscal year, up from $513.7 million in the first quarter of the previous FY.
Worldwide net sales and revenues for the first quarter increased 11%, to $6.767 billion, from $6.119 billion in the previous year's first quarter. Net sales by equipment operations were $6.119 billion for the quarter, up from $5.514 billion.
Deere's businesses include:
* Agriculture & Turf, which includes it residential and professional lawn and garden equipment
* Construction & Forestry
* Financial Services
Agriculture & Turf sales in the first quarter of FY 2012 increased 8%, with higher shipment volumes and price realization. Operating profit was $574 million compared with $558 million for 1Q in FY 2012. Construction & Forestry sales were up 22%.
Deere forecast its worldwide sales of agriculture and turf equipment to increase 15% in fiscal 2012
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