Deere profit rises 22 percent on strong demand

Wed Feb 13, 2013 7:15am EST

Feb 13 (Reuters) - Deere & Co, the world's largest farm equipment maker, reported a 22 percent jump in quarterly profit on strong demand and raised its earnings forecast for 2013.

The company said it now expects a full-year net profit of about $3.3 billion, up from its prior forecast of $3.2 billion.

Net income attributable to Deere rose to $649.7 million, or $1.65 per share, in the first quarter from $532.9 million, or $1.30 per share, a year earlier.

Revenue increased 10 percent to $7.42 billion.

Farmers in the United States are expected to plant huge amounts of corn and soybeans this year following the worst drought in the U.S. midwest in 56 years.