Farm and construction machinery maker Deere & Co. (DE) said its second-quarter net income attributable to the company grew to $1.06 billion, or $2.61 per share, from $904.3 million, or $2.12 per share last year. On average, 17 analysts polled by Thomson Reuters expected earnings per share of $2.53 for the quarter. Analysts' estimates typically exclude one-time items.
Total net sales of the equipment operations were $9.405 billion for the quarter, compared with $8.33 billion in the same period prior year, up 13%. Analysts estimated revenues of $9.70 billion for the quarter. Sales included price realization of 5 percent and an unfavorable currency-translation effect of 2 percent for the quarter, the company added. Worldwide net sales and revenues went up 12 percent to $10.01 billion for the latest quarter.
For the full year, net income attributable to Deere & Co. is now anticipated to be around $3.350 billion.
Company equipment sales are projected to increase by nearly 15 percent for fiscal 2012 and by about 25 percent for the third quarter compared with the year-ago period. Included is an unfavorable currency-translation impact of some 3 percent for the year and 4 percent for the third quarter.
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