Feb 13 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
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.