Deere reports decrease in net income for 1st quarter

Dubuque County’s largest employer saw decreases in net income during its recently completed fiscal quarter, as well as declining sales in the division that includes John Deere Dubuque Works. Deere & Co. reported net income of $869 million for the first quarter of fiscal year 2025, per figures shared Thursday during an earnings call with investors. During the same period in the past fiscal year, that figure was $1.75 billion. Net sales and revenues for the company totaled about $8.51 billion in the first quarter, which ended Jan. 26. That’s down 30% from the $12.19 billion the company reported during the same period last year. The construction and forestry division, which includes the Dubuque plant, saw nearly $2 billion in net sales during the first quarter — down from $3.21 billion during the same quarter last year. The division saw operating profits of $65 million, representing an 89% year-over-year decrease. Across all divisions, net income attributable to Deere & Co. for fiscal 2025 is forecasted to remain in a range of $5.0 billion to $5.5 billion — in line with projections made at the beginning of the fiscal year.