Iowa’s largest manufacturing employer, Deere & Company reports a rare operating loss in the first quarter. The Moline, Illinois-based ag and construction equipment manufacturer is reporting a loss of more than $535 million, or $1.66 per share. That compares with a net profit of $199 million for the first quarter last year. This was the first loss Deere has experienced since the fourth quarter of 2009. But rather than an operating loss, Deere says it’s a result of initial accounting adjustments related to the U.S. tax reform legislation.

Deere chairman and CEO Samuel R. Allen says in line with strengthening conditions, the company has raised its sales and adjusted-earnings forecasts for 2018. Deere’s largest North American manufacturing complex is located in Waterloo. This is the first quarterly report since Deere bought the Germany-based Wirtgen Group, which makes road construction equipment.

(Radio Iowa)