Farm equipment maker Deere & Co. reported a doubling of quarterly profit Wednesday amid strong North American sales of large, high-margin machines and price increases, and lifted its full-year profit forecast.
The world’s largest maker of tractors and combines earned $513 million, or $1.20 per share, in the first quarter ended Jan. 31, up from $243.2 million, or 57 cents per share a year earlier.
Revenue rose 27 percent, to $6.12 billion, beating Wall Street forecasts for sales of $5.67 billion.
Rival Agco reported better-than-expected earnings last week, helped by North American markets, but warned expenses would depress results in the current quarter. CNH Global also beat forecasts when it reported last month.
Moline, Ill.-based Deere said it expected a full-year profit of $2.5 billion. Its November forecast called for a 2011 profit of $2.1 billion.
