Deere fiscal first-quarter profit rises

…Rising interest rates, high fuel prices, and a depressed market for farm commodities have been cutting into demand for farm equipment, while high raw materials prices have pressured profit margins.

During the quarter, Deere said its sales in the agricultural division dropped 6 percent to $1.89 billion.

But that drop was more than offset by an increase in sales to consumers and commercial landscapers, as well as he construction and forestry businesses, Deere said.

“The farm business is soft, and the construction and lawn and garden are carrying the company right now,” said Longbow Research analyst Eli Lustgarten.

Jackson News-Tribune