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Deere & Company remains 'solidly profitable'

Deere & Company today announced worldwide net income of $203.9 million, or $0.48 per share, for the first quarter ended January 31, compared with $369.1 million, or $0.83 per share, for the same period last year. Worldwide net sales and revenues decreased 1 percent, to $5.146 billion, for the first quarter compared with $5.201 billion a year ago. Net sales of the equipment operations were $4.560 billion for the period compared with $4.531 billion last year.

"During a period of considerable economic uncertainty, John Deere has completed another profitable quarter and sees further opportunities to advance its global competitive position," said Robert W. Lane, chairman and chief executive officer. "At the same time, ongoing higher material costs, the deepening global recession, and volatile foreign exchange rates have put downward pressure on our financial results." Demand for large productive agricultural machinery has held up well, Lane noted, due in substantial part to the sound financial health of the U.S. farm sector. Also of benefit has been the company's access to global capital markets, which is helping ensure that ample financing remains available for many customers. During the quarter, Deere's credit operations obtained funding that exceeded all maturing medium-term notes and asset-backed securities for the entire fiscal year.