NEW THIS MORNING: Deere beats Wall Street forecast - KWWL - Eastern Iowa Breaking News, Weather, Closings

NEW THIS MORNING: Deere beats Wall Street forecast

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MOLINE, Ill. (AP) — This morning, Deere & Co. reported second-quarter net income of $802.4 million.

That's a 62% increase when compared to last year at this time when the company reported an income of $495.4 million for the second quarter.

On a per-share basis, the company said it had net income of $2.49.

The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.70 per share.

"We are seeing modestly higher overall demand for our products, with farm machinery sales in South America experiencing a strong recovery," said CEO Samuel R. Allen.

The agricultural equipment manufacturer posted revenue of $8.29 billion in the period. Its adjusted revenue was $7.26 billion, which also topped Street forecasts. Five analysts surveyed by Zacks expected $7.24 billion.

Deere shares have increased slightly more than 9 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 6 percent. The stock has climbed 36 percent in the last 12 months.

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