Deere sees profit soar on domestic farm sales
MOLINE, Ill. — Deere & Co. says its third-quarter profit grew 47 percent with American and Canadian farmers buying enough of the company’s large equipment to offset weak demand in Europe.
The company said today it generated $617 million net income, or $1.44 per share, in the quarter. That’s up from $420 million, or 99 cents per share, a year ago.
Deere says global revenue spiked 16 percent to $6.84 billion.
The quarterly results from the maker of iconic green-and-yellow farm and construction equipment easily beat Wall Street expectations. On average, analysts expected earnings per share of $1.24 on $6.52 billion revenue.
Deere, based in Moline, Ill., is the world’s largest maker of agricultural equipment, but it also makes construction, forestry and landscaping equipment.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Twang & Tourism: The Country Music Trail
Top Posts & Pages
- Oxford’s FNC getting new headquarters
- QUIRKY? NO, JERKY — Whatever your craving, Beef Jerky Outlets likely has the flavor among 200+ choices
- Officials set hunting dates for birds; expands dove season by 20 days
- TECH 21 — Mississippi's most wanted in technology
- Federal charges dropped against Shumate after guilty plea
- Cochran's attorneys argue for dismissal of McDaniel's lawsuit
- ALAN TURNER — The ‘Internet of things’ is focus of Camgian's Gary Butler
- MEMA warns of hottest temperatures of the year
- State’s MAGIC accounting system works, albeit with glitches