Deere Reports Record Third-Quarter Earnings
Aug 20, 2012
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Deere & Company had third quarter worldwide net income of $788.0 million, up from $712.3 million for the same period in 2011.

Net income in the first nine months of 2012 was $2.377 billion, up from $2.130 billion in 2011.

Third quarter worldwide net sales and revenues were up 15%, to $9.590 billion. In the first nine months of the year net sales and revenues were up 13% to $26.365 billion.

Net sales of the equipment operations were $8.930 billion for the quarter and $24.454 billion for nine months, compared with $7.722 billion and $21.563 billion for the same periods in 2011.

Net sales of the worldwide equipment operations were up 16% for the quarter and 13% for the nine months from the previous year.

Equipment net sales in the United States and Canada increased 28% for the quarter and 18% year to date. Outside the U.S. and Canada, net sales were essentially unchanged for the quarter and increased 7% for nine months.

Deere's equipment operations reported operating profit of $1.127 billion for the quarter and $3.347 billion for nine months, compared with $969 million and $2.883 billion in 2011.

Deere's financial services reported net income of $110.4 million for the quarter and $338.6 million for nine months, compared to $125.6 million and $348.9 million last year.

The company forecasts record full-year income of approximately $3.1 billion.

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