Deere Profit Tops Estimates on Farm-Equipment Demand

Deere & Co., the world’s largest farm equipment maker, reported second-quarter profit that topped analysts’ estimates and raised its profit and sales forecasts as demand for farm machinery increased.

Net income rose 16 percent to $547.5 million, or $1.28 a share, from $472.3 million, or $1.11, a year earlier, the Moline, Illinois-based company said today in a statement. Profit in the three months through April, excluding some items, was $1.58 a share, exceeding the $1.08 average estimate of 20 analysts surveyed by Bloomberg.

Deere is benefitting from growing demand in South America and North America for machinery such as tractors and combines. The company, led by Chief Executive Officer Samuel Allen, said revenue increased 5.7 percent to $7.13 billion because of favorable currency translation, higher prices and rising equipment sales.

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- Posted: 2010-05-19 09:36:51

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