FARM and construction equipment maker Deere & Co says its first-quarter net income leaped 22 per cent on growing sales of farm machinery at higher prices.
The Moline, Illinois, company's earnings soundly beat Wall Street expectations.
In the quarter ending January 31, Deere said it earned $US649.7 million ($A633.82 million), or $1.65 per share, compared with $532.9 million, or $1.30 per share, a year earlier. Revenue rose almost 10 per cent to $7.42 billion.
Analysts surveyed by FactSet expected earnings of $1.39 per share on revenue of $6.73 billion.
Deere is executing its marketing plans, expanding its global presence and keeping a tight grip on costs, Chairman and CEO Samuel Allen said in a statement.
The company predicted that sales would rise about four per cent in the second quarter and six per cent for the full year. It expects 2013 net income of about $3.3 billion, slightly more than its earlier forecasts and the predictions of analysts.
But Allen cautioned that although Deere sees strong future results on growing need for food, shelter and infrastructure, "the near-term outlook is being tempered by uncertainties over fiscal, economic and trade issues that are undermining business confidence and restraining growth."
After rising initially as high as $98.71 in premarket dealings, Deere shares turned lower and were down seven cents to $93.90 in trading about 15 minutes before Wednesday's opening bell.
Deere is the world's largest maker of agricultural equipment, like the bright green tractors and combines that roll on farm fields during planting and harvest seasons. Its fortunes rise and fall with those of farmers. The company said farm business should be good this year, predicting that agriculture and turf equipment sales would rise by about six per cent, with a five per cent increase over last year's strong numbers in the US and Canada.
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