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Deere Reports Record Earnings08-15-07 | News

Deere Reports Record Earnings

MOLINE, Ill. ?EUR??,,????'??+ Deere & Company today has announced worldwide net income of $537.2 million for the third quarter ended July 31, compared with $436 million for the same period last year. Income from continuing operations was $537.2 million for the third quarter versus $435.7 million last year. Net income was the highest for any third quarter in the company’s history.

For the first nine months, net income was $1.4 billion compared with $1.416 billion last year. Nine-month income from continuing operations was $1.4 billion in comparison with $1.177 billion a year ago.

?EUR??,,????'??Deere?EUR??,,????'???s efforts to grow a great business, particularly with the support of improving conditions across the global farm sector, are gaining strong momentum and producing powerful results,” said Robert W. Lane, chairman and chief executive officer.

Worldwide net sales and revenues increased six percent to $6.634 billion for the third quarter and were up five percent to $17.941 billion for the first nine months. Net sales of the equipment operations were $5.985 billion for the quarter and $16.066 billion for nine months, versus $5.677 billion and $15.398 billion for the respective periods last year.

Deere?EUR??,,????'???s equipment divisions reported operating profit of $708 million for the quarter and $1.807 billion for nine months, compared with $583 million and $1.630 billion for the same periods last year. Higher operating profit for both periods was primarily the result of improved price realization and, for the quarter, the favorable impact of higher agricultural-equipment production volumes. Increased raw-material costs and higher selling and administrative expenses partially offset the improvement in both periods.