Deere Profit Tops Estimates on Farm Equipment Demand
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Deere & Co., the world’s largest farm-equipment maker, reported a 47 percent jump in fiscal third-quarter earnings, while tempering investor expectations for the fourth quarter amid weakening demand in Western Europe.
Net income climbed to $617 million, or $1.44 a share, in the third quarter ended July 31, amid strength in the U.S. farming industry, the Moline, Illinois-based company said in a statement today. The average of 17 analyst estimates compiled by Bloomberg was for profit excluding some items of $1.22.