Deere Reports Record Second-Quarter Earnings May 23, 2011

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Outdoor power equipment maker Deere & Company reported net income was $904.3 million in the second quarter, compared to $547.5 million, in the same period a year ago. In the first six months of 2011 net income was $1.418 billion, compared to $790.7 million, in the first 6 months of 2010. Second-quarter and 6-month 2010 results were affected by a tax charge. Worldwide net sales and revenues increased 25%, to $8.910 billion for the second quarter and were up 26% to $15.029 billion for the six months.

Residential power equipment markets showed "lingering weakness," Deere reported, with growth coming from sales of large farm machinery, particularly in the United States, Canada, and Brazil.

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