Business

Deere profit beats estimates

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Deere & Co. (DE), the world’s largest farm-equipment maker, reported fiscal third-quarter profit that topped analysts’ estimates and raised its full-year earnings forecast as global demand improved.

Net income increased 15 percent to $712.3 million, or $1.69 a share, in the quarter through July, from $617 million, or $1.44, a year earlier, Moline, Illinois-based Deere said today in a statement. The average estimate of 12 analysts in a Bloomberg survey was for $1.67 a share. Profit will be $2.7 billion in the year ending Oct. 31, more than the $2.65 billion forecast in May. The average estimate of eight analysts in the Bloomberg survey was for net income of $2.72 billion.

Deere, led by Chief Executive Officer Sam Allen, plans to double annual sales to $50 billion by 2018 while raising the proportion of revenue from outside the U.S. and Canada to 50 percent from 35 percent in fiscal 2010. The company is introducing new products and expanding manufacturing in countries such as China, Russia and India to serve rising worldwide demand for food, shelter and infrastructure.

Full story: Deere Profit Beats Estimates as Farm-Equipment Demand Gains – Bloomberg.