Farm and construction machinery maker Deere & Co. (DE: Quote) posted higher third-quarter net income attributable to the company of $788.0 million, or $1.98 per share, compared with $712.3 million, or $1.69 per share, last year. On average, 18 analysts polled by Thomson Reuters expected earnings per share of $2.31 for the quarter. Analysts' estimates typically exclude one-time items.
Worldwide net sales and revenues went up 15 percent, to $9.59 billion for the recent quarter, with net sales of the equipment operations rising to $8.930 billion, from $7.722 billion in the prior-year quarter. Analysts estimated revenues of $9.53 billion for the quarter.
Looking ahead, company equipment sales are projected to increase by about 13 percent for both fiscal 2012 and the fourth quarter compared with the same periods a year ago. Included is an unfavorable currency-translation impact of about 3 percent for the year and about 4 percent for the fourth quarter. For the full year, net income attributable to Deere & Company is now anticipated to be about $3.1 billion.
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by RTT Staff Writer
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