Deere profits jump 47% - KWWL - Eastern Iowa Breaking News, Weather, Closings

Deere profits jump 47%

MOLINE, IL (KWWL) -- Deere and Company says its profit grew 47% in the 3rd quarter. 

The company's CEO says it's due to strong U.S. demand for large equipment. 

The company reported $617 million in net income.  That's up from $420 million one year ago.  However, European markets are down sharply.  

Deere's agricultural and turf equipment sales grew 12% to $5.2 billion from last year's $4.7 billion.

Demand for construction and forestry equipment has improved from last year, but Deere says it remains well below normal. 

The company says it now expects its sales to grow about 12 percent in fiscal year 2010. That prediction is in line with the 11 percent to 13 percent range Deere offered in May.

Online AnchorBob Waters

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