Deere reports receivables performance

Deere & Co.’s financial services division reported net income of $74.5 million for 1Q05, versus $62.5 million over the same period last year and $162.5 million for six month period ending April 30, 2005, The increases were primarily due to growth in the credit portfolio, reflecting strong demand for John Deere products, as well as a lower provision for credit losses, partially offset by lower financing spreads, the company said. Net receivables and leases financed by JDCC were $15.2 billion at April 30, 2005, compared with $12.3 billion one year ago. Net receivables and leases administered, which include receivables previously sold, totaled $17.4 billion, compared with $15.4 billion one year ago.