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Home / Commercial Construction / Deere’s 3Q income rises 27 percent

Deere’s 3Q income rises 27 percent

MOLINE, Ill. (AP) – Deere & Co.’s third-quarter net income rose 27 percent, driven by booming agricultural activity in North and South America. The company easily beat most expectations.

The farm and construction equipment manufacturer earned $997 million. Revenue climbed 4 percent to $10.01 billion, the company reported Wednesday.

The company last year booked earnings of $788 million.

For the three months ended July 31, worldwide equipment sales increased 4 percent on higher prices. Equipment sales rose 4 percent in the U.S. and Canada and 5 percent in other regions.

Agriculture and turf segment sales rose 8 percent on increased prices and higher shipment volumes. Construction and forestry sales fell 11 percent on lower shipment volumes.

For the fourth quarter, Deere anticipates equipment sales falling about 5 percent as it faces a tough year-ago comparison because factories were working quickly to catch up with customer orders at that time.

The Moline, Ill., company foresees full-year equipment sales rising about 5 percent and agriculture and turf sales increasing about 7 percent. Construction and forestry equipment sales are predicted to drop about 8 percent, mostly due to a cautious outlook on U.S. economic growth.

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