MOLINE, Ill. — Deere & Co. reported net income jumped 47 percent in the third quarter amid improved conditions in the national farm sector. The ag equipment manufacturer said Wednesday that net income was $617 million for the third quarter ended July 31, compared with $420 million for the same period last year.
Sales and revenue were up 16 percent at $6.84 billion. But stock prices dropped lower Wednesday, following the company’s tempered outlook for the remainder of the year. Deere anticipates weaker European markets through 2010. Deere leaders reported sales of equipment in the construction and forestry division remain far below normal levels, although they are improved from last year.
Read the full article on Agweb.com.
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