Deere’s income up 15 percent
Deere & Co., the world’s largest farm-equipment maker, posted fiscal third-quarter profit that topped analysts’ estimates and raised its full-year earnings forecast as global demand improved, Bloomberg reported. Net income for the three months ended July 31 increased 15 percent to $712.3 million, or $1.69 a share, from $617 million, or $1.44 per share, a year earlier. The average estimate of 12 analysts in a Bloomberg survey was for $1.67 a share. The company plans to double annual sales to $50 billion by 2018 and raise the proportion of revenue from outside the United States and Canada to 50 percent from 35 percent in fiscal 2010.