February 16, 2018 / 11:42 AM / 3 months ago

U.S tractor firm Deere reports quarterly sales up 23 pct

CHICAGO, Feb 16 (Reuters) - U.S. tractor maker Deere & Co said on Friday net sales and revenues rose 23 percent year-on-year to $6.91 billion in the quarter ending Jan. 28.

The Moline, Illinois-based company said adjusted net income was $430.0 million, or $1.31 per share, in the quarter. This turned into a net loss of $535.1 million, or $1.66 per share, when a $965 million U.S. tax reform-related charge was included.

The firm posted a net income of $199.0 million, or $0.62 per share, last year.

Total equipment sales rose 27 percent year-on-year to $5.97 billion. (Reporting by Rajesh Kumar Singh; Editing by Edmund Blair)

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