reported improved earnings and revenue for the fiscal third quarter, as higher volumes of commercial and consumer equipment and construction and forestry equipment lifted sales.
The company earned $247.5 million, or $1.02 a share, for the third quarter ended July 31, up from $147.6 million, or 61 cents a share, last year. Analysts polled by Thomson First Call expected 83 cents.
Revenue rose 11% to $4.40 billion for the third quarter from $3.97 billion last year. Exchange rates and prices helped this year's sales. Overseas net sales increased 9% for the quarter. Excluding the impact of changes in currency exchange rates, overseas sales fell 3%.
Deere's equipment operations had earnings of $152.5 million for the quarter, compared with $91.3 million last year. Net income from the company's credit operations increased to $85.5 million from $56.9 million.
The company said net equipment sales for the fourth quarter should rise around 5%. Excluding the impact of currency movements and prices, sales will probably be slightly lower for the fourth quarter, as previously projected. Production volume will probably decline about 5% from last year. For the full year, Deere forecast earnings of $575 million to $625 million.