ST. LOUIS (AP) - Deere & Co. says its second-quarter profit rose 22 percent as lofty crop prices stoked global demand for its farm equipment.
The Moline, Ill.-based maker of tractors and harvesting machinery said Wednesday its profit for the quarter ended April 30 jumped to $763.5 million, or $1.74 per share. That was up from $623.6 million, or $1.36 per share, during the same period last year.
Analysts surveyed by Thomson Financial had expected earnings of $1.75 per share but typically exclude one-time items.
Deere said sales rose 18 percent to $8.1 billion from $6.9 billion a year ago.
Deere has benefited from higher farm prices around the world that have been fueled by increased ethanol production. |