Outdoor power equipment maker Deere & Company reported net income of $996.5 million in the third quarter of its fiscal year. Net income in the quarter, which ended July 31, was up from $788.0 million in the third quarter of the previous year.
Net income in the first nine months of its fiscal year was $2.730 billion, from $2.377 billion in the third nine months of the previous fiscal year.
Worldwide net sales and revenues were up 4%, to $10.010 billion, in 3Q of the current fiscal year and were up 8%, to $28.345 billion, for the first nine months.
Equipment operations had net sales of $9.316 billion for the quarter, up 4% from $8.930 billion in the previous year's 3Q. Equipment operations had net sales of $26.373 billion for the first nine months, up from $24.454 billion for the first nine of the previous year.
"John Deere is well on the road to another year of impressive performance after reporting record third-quarter results," said Samuel R. Allen, chairman and CEO. Sales and income for the period were higher than in any prior third quarter, he pointed out. "Deere's success is a reflection of considerable strength in the farm sector, especially in North and South America."
Allen said the company is making progress on its plans to expand its global market presence.
Equipment net sales in the United States and Canada rose 4% for the quarter and 9% year to date.
Outside the U.S. and Canada, net sales were up 5% for the quarter and 6% for the first nine months.
Equipment operations reported 3Q operating profit of $1.443 billion, up from $1.127 billion. It reported operating profit of $3.943 billion for the first nine months, up from $3.347 billion.
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