News Summary: Deere 1Q earnings up 22 pct.
News Summary: Deere 1Q earnings rise 22 percent on growing sales of farm machinery
THE NUMBERS: Farm and construction equipment maker Deere & Co. on Wednesday reported first-quarter net income that was 22 percent above a year ago. Deere said it earned $649.7 million, or $1.65 per share, as revenue rose almost 10 percent to $7.42 billion.
THE REASON: Deere said it is selling more agricultural and turf equipment at higher prices, which is driving up revenue. It also is expanding its global presence and watching costs.
THE OUTLOOK: The company predicts that sales will rise about 4 percent in the second quarter and 6 percent for the full year. It expects 2013 net income of about $3.3 billion, just above earlier forecasts and analysts' predictions.
