Another quarter, another record for Deere & Co.
That's exactly the same headline as back in May, when the company reported record performance for the second quarter. This morning, Deere reported third -quarter net income totaled $788 million, or $1.98 cents per share, compared to $1.69 a year ago. It's the ninth consecutive quarter the company has reported record earnings. In addition, revenue and net sales jumped 15 per cent in the third quarter.
Even though it broke another record, spokesman Ken Golden says Deere did not meet its own expectations over the last three months. "Deere's profit prediction for the full year has been revised to $3.1 billion dollars -- down from $3.3 billion in last quarter's forecast. Sales of construction and forestry equipment rose 23 percent in the third quarter, while farm and turf equipment sales increased 14 percent. Next year, Deere expects worldwide demand for grain to rise because of this year's dry weather, supporting higher prices and income for farmers.