JOSH FUNK
AP Business Writer
Heavy equipment maker Deere & Co. says lower raw material costs and favorable exchange rates helped drive its first-quarter profit up 19 percent despite a 6 percent drop in revenue.
The company said Wednesday it earned $243.2 million, or 57 cents per share, during the quarter. That’s up from $203.9 million, or 48 cents per share a year ago.
Profits are way ahead of the expectations of analysts surveyed by Thomson Reuters, who expected on average about 19 cents.