Deere sees profit soar on domestic farm sales

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Published: August 18,2010

Tags: agriculture, equipment, manufacturing

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.

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