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Dive Brief:
Deere & Co.’s second quarter sales and revenue grew 5% to $13.37 billion over last year, driven by stronger than expected construction and forestry equipment demand as large agriculture sales remain muted.
The John Deere tractor and bulldozer manufacturer reported net income of $1.77 billion during the quarter, a 2% decline from a year ago. The company also recognized a tariff refund of $272 million, which offset production costs and lifted margins during the quarter.
Deere expects to have “slightly higher” revenue during the third and fourth quarters over the first half of the year, CFO Brent Norwood said on a recent earnings call. He cited increased spending on construction and road-building equipment for data center buildouts and other large projects.
