Deere Reports First-Quarter Earnings of $650 Million Feb 14, 2013

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Deere & Company reported that in the first-quarter of its fiscal year it had net income attributable the company of $649.7 million, up from $532.9 million in the same period in the previous fiscal year. The quarter ended January 31.

Deere 1Q worldwide net sales and revenues were up 10%, to $7.421 billion, from $6.767 billion in 1Q of the previous fiscal year. Net sales in the company's equipment operations were $6.793 billion, up from $6.119 billion.

Net sales of the worldwide equipment operations were up 11% in the first quarter. Price increases of 3% contributed to sales, which was somewhat diminished by an unfavorable currency-translation effect of 1%.

Equipment net sales in the United States and Canada increased 18% in the quarter. Outside the U.S. and Canada, net sales increased 2% for the quarter, including an unfavorable currency-translation effect of 3%.

The Equipment Division's Agriculture & Turf business - which includes residential and contractor outdoor power equipment - reported 1Q sales were up 16%. Operating profit was $766 million, from $574 million in the previous fiscal year's 1Q.

The Equipment Division's Construction & Forestry sales were down 7%. Operating profit for the quarter was $71 million, from $124 million a year ago.

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