Deere & Co. 1Q profit rises 54%

By Anastasia Tomazhenkova: The leading manufacturer of agricultural machinery in the world Deere & Co. announced its fiscal first-quarter profit rose 54% on strong international sales.

The Moline, Illinois-based manufacturer of tractors and harvesting machinery says favorable conditions in the global farm market boosted sales.

Income for the quarter ended January 31 rose to 369.1 million dollars, or 83 cents a share. Last year it earned 238.7 million dollars, or 52 cents a share.

Wall Street expected earnings of 78 cents a share.

Revenue grew 18% to 5.1 billion dollars, from 4.43 billion dollars last year. Analysts expected 5.07 billion dollars.

The company expects sales to rise around 23% to about 700 million dollars to 725 million dollars in the second quarter and 17% to 2.2 billion dollars in 2008.

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