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Deere's Tractor Pull
Aug 15 2007
On Wall Street, worries abound, but down on the farm, things are looking up.
Deere & Co., the world's biggest maker of farm equipment, reported a 23 percent surge in third-quarter earnings on strong overseas sales of agriculture equipment. It was the company's most profitable third quarter ever, and the results topped analysts' estimates.
Deere also raised its profit forecast for this year.
The company cited the impact of a weaker dollar, which makes its products more competitive abroad. Revenue from machinery exports rose 30 percent in the quarter.
Sales overall grew 6 percent, to $6.6 billion.
"Deere's efforts to grow a great business, particularly with the support of improving conditions across the global farm sector, are gaining strong momentum and producing powerful results," Robert W. Lane, the company's chief executive said.
Related Links:
- TheStreet.com: Deere Leaps Over Estimates
- Reuters: Deere profit rises 23 percent
