Deere and Co. announces earnings jump - KWWL - Eastern Iowa Breaking News, Weather, Closings

Deere and Co. announces earnings jump

Posted:
MOLINE, Ill. (KWWL) -

Deere & Co. says third-quarter net income jumped 15 percent and it's boosting its sales outlook for the year with global demand for its green and gold equipment remaining strong.

Deere said Wednesday that it generated $712.3 million, or $1.69 per share, in the quarter that ended July 31. That's up from $617 million, or $1.44 per share, in the same period last year.

Strong equipment sales helped the Moline, Ill., company's revenue grow 22 percent to $8.4 billion in the quarter, up from last year's $6.84 billion.

Analysts surveyed by FactSet expected earnings per share of $1.67 on $7.52 billion revenue on average.

Deere says its 2011 sales should grow 25 percent over 2010. That's up from a previous forecast for 20 percent growth.

Powered by Frankly