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Sales and profit margins both on the upswing at Deere

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Moline, Ill.-based Deere & Co. saw increases in sales and profit margins in all three of its product categories in the fiscal year that ended Oct. 31, according to filings with the Securities and Exchange Commission.

The equipment maker increased net sales to $29.5 billion in equipment operations from $23.6 billion the previous fiscal year and had an operating profit of $3.8 billion, or 13 percent of net sales, compared with 12.3 percent in 2010. In the agriculture and turf sector, sales rose to $24.1 billion from $19.9 billion; profit was 14.3 percent compared with 14 percent a year earlier. Deere sold $5.4 billion worth of construction and forestry equipment, up from $3.7 billion; the profit margin was 7.3 percent compared with 3.2 percent.

In the fourth quarter, Deere had a 20 percent increase in net sales compared with the same quarter a year earlier and a 46 percent jump in net income.

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