Deere Rises After Saying Bottleneck Issues to Ease in Quarter

(Bloomberg) -- Deere & Co. shares rose Friday as the world’s largest manufacturer of agricultural equipment said logistical and supply-chain bottlenecks will ease in the current financial quarter.

The problem will be reduced substantially in the company’s second quarter, which lasts through April, Chief Financial Officer Raj Kalathur said on Deere’s earnings conference call.

Deere’s first-quarter equipment revenue of $6 billion trailed the $6.4 billion average of analysts’ estimates compiled by Bloomberg.

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To contact the reporter on this story: Simon Casey in New York at scasey4@bloomberg.net.

To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Patrick McKiernan

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