Deere’s Profit Rises 62% in Quarter
Deere & Co. said its fiscal third-quarter profit rose 62% as farmers boosted spending on tractors and combines and as demand for construction and logging machines increased.
Net income in the three months ended July 31 climbed to $401.4 million, or $1.58 a share, from $247.5 million, or $1.02, a year earlier. Sales rose 23% to $5.4 billion, the Moline, Ill.-based company said.
Deere’s agricultural equipment sales rose 34% as farmers took advantage of tax breaks and farm income rose.
Shares of Deere fell 87 cents to $60.15 on the New York Stock Exchange.
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