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.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.