(MCT) — Deere & Co. on Wednesday said its third-quarter profit rose 26 percent, beating analysts' expectations, due to strong sales of its farm equipment in North and South America.
Moline-based Deere said net income for the quarter ended July 31 rose to $997 million, or $2.56 per share, from $788 million, or $1.98 per share, a year ago. Revenues rose 4 percent, to $10 billion.
Analysts expected earnings of $2.18 per share on sales of $9.26 billion, according to Bloomberg.
By sector, sales of the company's agricultural and turf equipment were up 8 percent to $7.8 billion. Sales of construction and forestry equipment fell 11 percent to 1.5 billion.
Deere said its fourth quarter sales are expected to decline 5 percent.
"Last year's fourth-quarter sales were particularly strong, in part because our factories were running at a high rate to catch up with customer orders," Samuel R. Allen, Deere’s chairman and CEO, said in a statement.
Still, Deere slightly increased its full-year net income outlook to $3.45 billion from $3.3 billion and reaffirmed its full-year equipment sales forecast: up 5 percent.
Shares were up 2.73 percent in pre-market trading at $86.20 per share.
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