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Deere Third Quarter Profit Grows By 26%

|Includes: Deere & Company (DE)

Originally published at www.seclive.com

Deere & Company (NYSE:DE) third quarter profit grew by 26% as reported by the company in its most recent financial results for the quarter. Last year this quarter Deere reported earnings of $788M with $1.98 earnings per share while this year the company earned $996.5M, or $2.56 per share. Deere's revenue increased 4.4% from this quarter last year to $10.01B, beating analyst $9.29B predictions. Overall growth in farm-equipment sales continued to positively trend, increasing 4% to $9.32B, exceeding the company's own sales goal of 3%. Of all its segments, construction and forestry sales was the only segment to dip, dropping 11%, while agriculture and turf sales grew 8%. Deere raised its annual guidance from $3.3B to $3.45B and kept its equipment sales growth unchanged at 3%. Samuel Allen, Deere Chairman and CEO, remarked strength in the North and South America farming sectors helped the company achieve its highest third quarter in terms of sales and income.

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