Deere & Co. (DE) Profit Rises 23 Percent
Agricultural equipment maker Deere & Co. said Wednesday its third-quarter profit rose 23 percent as strong global sales offset declines in the U.S. and Canada.
Net income grew to $537.2 million, or $2.37 per share, for the quarter that ended July 31, up from $436 million, or $1.85 per share in the same period a year ago.
Analysts polled by Thomson Financial expected earnings of $1.99 per share for the quarter.
Net sales and revenue rose 6 percent to $6.63 billion from $6.27 billion in the third quarter of 2006. Analyst predicted revenue of $6.65 billion.
Shares jumped $8.06, nearly 7 percent, to $125.15 in midday trading Wednesday on Deere's record third-quarter profit.
Net income grew to $537.2 million, or $2.37 per share, for the quarter that ended July 31, up from $436 million, or $1.85 per share in the same period a year ago.
Analysts polled by Thomson Financial expected earnings of $1.99 per share for the quarter.
Net sales and revenue rose 6 percent to $6.63 billion from $6.27 billion in the third quarter of 2006. Analyst predicted revenue of $6.65 billion.
Shares jumped $8.06, nearly 7 percent, to $125.15 in midday trading Wednesday on Deere's record third-quarter profit.
Labels: DE, Deere and Co.
posted by Stock Administrator @ 12:19 PM
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