Deere Does Well

 

Deere & Co. reported its first-quarter profit rose 55 percent, beating Wall Street's expectations as lofty crop prices stoked global demand for its farm equipment.

Sales for the world’s largest manufacturer of agricultural machinery climbed 18 percent in the November-January period. Deere said its sales outside North America jumped 37 percent, quadruple the growth in the United States and Canada.

Deere’s equipment divisions reported operating profit of $457 million for the first quarter, up from $270 million a year ago. First-quarter profits of the company’s financial services were $97.7 million, up $9.5 million due largely to growth in the credit portfolio, higher crop insurance income and a lower effective tax rate.