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Deere 3Q Profit Up 47%
MOLINE, Ill. (AP) -- The CEO of Deere and Company says Deere came out ahead in the third quarter because of "positive conditions in the U.S. farm sector, particularly in terms of demand for large equipment."

Moline-based Deere's profit grew 47 percent for the quarter. The company Wednesday reported $617 million in net income. That's up from $420 million a year ago.

CEO Samuel Allen says European markets are down sharply.

But overall, Deere's agricultural and turf equipment sales grew 12 percent to $5.2 billion from last year's $4.7 billion. Demand for construction and forestry equipment has improved from last year, but Deere says it remains well below normal.

The company says it now expects its sales to grow about 12 percent in fiscal 2010. That prediction is in line with the 11 percent to 13 percent range Deere offered in May.

(Copyright 2010 by The Associated Press. All Rights Reserved.)
08 17 10 by Newsroom
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