Deere says 4Q net income up 2.7 per cent
MINNEAPOLIS - The farm and construction equipment maker Deere says its fourth-quarter net income rose 2.7 per cent as it sold more farm gear at higher prices.
Deere & Co. says it earned $687.6 million for the quarter, or $1.75 per share. Revenue rose 14 per cent to $9.79 billion.
Analysts surveyed by FactSet had been expecting earnings of $1.88 per share on revenue of almost $8.9 billion.
The U.S.-based company predicted that sales would rise about 5 per cent next year and will be up 10 per cent in the first quarter. It expects full-year 2013 net income of about $3.2 billion. That's a little more than analysts had been expecting.
Deere shares fell 99 cents at $85 in early premarket trading.
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