MOLINE, Ill. (AP) — Deere & Co. says it swung to a first-quarter loss of $535.1 million, though sales soared and the company easily beat Wall Street expectations when one-time charges are removed.
The Moline, Illinois, company posted a per-share loss of $1.66 Friday. Earnings, adjusted for pretax expenses, were $1.31 per share, much better than the $1.16 analysts were looking for, according to a survey by Zacks Investment Research.
The agricultural equipment manufacturer posted revenue of $6.91 billion in the period. Its adjusted revenue was $5.97 billion, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $6.4 billion.
