Deere posts strong profits - KWWL - Eastern Iowa Breaking News, Weather, Closings

Deere posts strong profits

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MOLINE, Ill. (KWWL) -

Deere & Co. says strong demand for its farm equipment helped boost the company's fourth quarter profit by 46 percent.  The results beat Wall Street expectations, and company shares climbed 3 percent in pre-market trading.  The company says next year should be even better because it expects demand will remain robust.

The company says equipment sales shot up 20 percent in the quarter.  That helped Deere generate net income of $670 million, or $1.62 per share, for the three months ended Oct. 31. That's up from $457 million, or $1.07 per share, a year ago.

Deere's revenue grew 20 percent to $8.6 billion from last year's $7.2 billion.

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