Deere reports 2Q profit up 16%, raises outlook

Posted May 19, 2010 at 6:39 a.m.

Associated Press | Deere says its second-quarter profit jumped
16 percent as sales of farm and construction equipment improved and is
raising its outlook for the second time this year.

The Moline.-based company says it generated $547.5 million in net
income, or $1.28 per share, in the quarter. That’s up from net income
of $472.3 million, or $1.11 per share, a year earlier. Excluding a
charge related to health care legislation, profit was $1.58 per share.

Deere’s revenue grew 6 percent to $7.1 billion.

The results topped analysts expectations of $1.09 per share on $6.6 billion revenue.

Deere & Co. increased its annual outlook. The company now expects total sales to grow 11 percent to 13 percent and net income to reach $1.6 billion.


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