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Deere Profits Rise on Equipment Demand

Deere reported third-quarter net income of $617 million, or $1.44 a share, compared with $420 million, or 99 cents a share, a year ago.
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MOLINE, Ill. (TheStreet) -- Deere (DE) - Get Report reported third-quarter net income of $617 million, or $1.44 a share, compared with $420 million, or 99 cents a share a year ago, citing benefits from positive conditions in the U.S. farm sector particularly in terms of demand for large equipment.

Deere, however, said European markets were down sharply.

Worldwide net sales and revenues increased 16% to $6.84 billion during the quarter as net sales at its worldwide equipment operations rose 18%; equipment net sales in the U.S. and Canada increased 19%; net sales outside the U.S. and Canada grew 16%.

On average, analysts were expecting earnings of $1.23 a share on revenue of $6.52 billion. For the fourth quarter, Deere said it expects net income of about $375 million.

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Shares of Deere were changing hands at $65.90 two hours after Wednesday's opening bell, a drop of 2% on the day. By that time, action in the stock had already eclipsed its average daily trading volume of 4.2 million shares.

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-- Reported by Andrea Tse in New York

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