Revenue for the quarter grew 10 percent to $4.4 billion, up from $3.99 billion last year. Deere chairman and chief executive Robert W. Lane said sales increased in the company's three major equipment lines ? construction and forestry, commercial, and consumer equipment. He said revenues also were aided by favorable currency exchange rates and the effects of cost-cutting efforts within the company.
For the first 6 months of the fiscal year, Deere earned $324.9 million, or $1.35 a share, versus $103.6 million, or $0.43 a share, a year ago. Revenue rose to $7.19 billion from $6.51 billion a year ago. But the company trimmed its sales growth forecast for the full year, saying it expects sales will be up 6 percent to 8 percent, slightly below earlier estimates. Deere predicts earnings for the year will remain in a range of $500 million to $600 million. (Reuters)