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JOHN DEERE NEWS RELEASE Jennifer Hartmann Director , Strategic Public Relations Deere & Company 309-765-5678 Deere Reports First - Quarter Net Income of $ 1.224 Billion First - quarter net income more than doubles on 23 % gain in net sales , reflecting successful execution of new operating strategy . Improved conditions in agricultural and construction sectors setting stage for year of strong performance . Full - year earnings forecast increased to $ 4.6 to $ 5.0 billion . MOLINE , Illinois ( February 19 , 2021 ) — Deere & Company reported net income of $ 1.224 billion for the first quarter ended January 31 , 2021 , or $ 3.87 per share , compared with net income of $ 517 million , or $ 1.63 per share , for the quarter ended February 2 , 2020. Worldwide net sales and revenues increased 19 percent in the first quarter of 2021 to $ 9.112 billion . Equipment operations net sales were $ 8.051 billion for the quarter , compared with $ 6.530 billion in 2020 . " John Deere started 2021 on a strongly positive note , " said John C. May , chairman and chief executive officer . " Our results were aided by outstanding performance across our business lineup and improving conditions in the farm and construction sectors . In addition , our smart industrial operating strategy is making a significant impact on the company's results while it also helps our customers be more profitable and sustainable . " Company Outlook & Summary Net income attributable to Deere & Company for fiscal 2021 is forecast to be in a range of $ 4.6 billion to $ 5.0 billion . " We are proud of our success executing the strategy and creating a more focused organization that can operate with greater speed and agility , " May said . " As our recent performance shows , these steps are leading to improved efficiencies and helping the company target its resources and investments on areas that have the greatest impact . At the same time , even as we ramp up factory production and intensify our efforts to serve customers , we are mindful of the continuing challenges associated with the global pandemic . We remain committed , above all else , to safeguarding the health and well - being of our employees . " Deere & Company in millions Net sales and revenues Net income Fully diluted EPS LA LA LA 2021 First Quarter 2020 9,112 $ 1,224 3.87 $ $ 7,631 517 1.63 % Change 19 % 137 % In the first quarter of 2021 , the company recorded impairments totaling $ 50 million pretax to certain long - lived assets . These impairments were offset by a favorable indirect tax ruling in Brazil of $ 58 million pretax . In the first quarter of 2020 , total voluntary employee - separation program expense recognized was $ 127 million pretax .