Deere Q3 Profit Climbs; Boosts FY Income Target - Quick Facts

(RTTNews) - Farm & construction machinery maker Deere & Co. (DE) posted higher net income attributable to company of $996.5 million, or $2.56 per share, in the third quarter, compared with $788.0 million, or $1.98 per share, a year before. On average, 18 analysts polled by Thomson Reuters expected earnings per share of $2.17 for the quarter. Analysts' estimates typically exclude one-time items.

Three-month worldwide net sales and revenues went up 4 percent year-over-year to $10.01 billion, from $9.59 billion, whereas 11 analysts estimated revenues of $9.29 billion for the third quarter.

Looking ahead, company equipment sales are projected to be up about 5 percent for fiscal 2013 and to decrease nearly 5 percent for the fourth quarter compared with the prior years. Included is an unfavorable currency-translation impact of about 1 percent for the year, the firm added. For the year, net income attributable to Deere & Co. is now expected to be about $3.45 billion, versus its previous forecast of about $3.3 billion.