Deere posts record billion dollar net income in 2nd quarter - KWWL - Eastern Iowa Breaking News, Weather, Closings

Deere posts record billion dollar net income in 2nd quarter

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MOLINE, Ill. (KWWL) -

For the first time in its history, John Deere has recorded net income of more than one billion dollars in a quarter.

The second quarter saw Deere's net income rise 17-per cent to $1.05 billion. The company's record-breaking second quarter had sales of $10 billion. That's $2.61 per share net income for shareholders. For the year, John Deere has record net income of $1.589 billion, which is

$3.91 per share. Chair and CEO, Samuel Allen, says, "John Deere is well on its way to a year of outstanding performance after reporting an eighth consecutive quarter of record earnings."

The record quarters are happening while the company is successfully managing major new-product launches, featuring advanced engine-emission technology.

CEO Allen says, "Our results are a reflection of positive conditions in the global farm economy, which is continuing to show impressive strength and endurance."  

For all of 2012, Deere predicts its sales will increase by about 15-per cent. Deere predicts its net income for 2012 will be around $3.35 billion.    

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