John Deere Reports 27 Percent Profit Increase

MOLINE, Illinois - Deere & Co., the world's largest maker of farm equipment, said Tuesday its second-quarter profit rose 27 percent as it sold more tractors and construction equipment. The company raised its full-year profit and sales forecasts.

The company's worldwide net income for the second quarter was $604 million, compared with $477.3 million for the same period last year. For the first six months, net income was a record $826.8 million compared with $648.1 million last year.

?EUR??,,????'??We're continuing to add new customers worldwide who appreciate the quality and value of our advanced products and services,?EUR??,,????'?? said Robert W. Lane, chairman and chief executive officer. ?EUR??,,????'??At the same time, our efforts to hold the line on operating costs and asset levels are helping us deliver record financial results.?EUR??,,????'??

Sales of agricultural equipment rose 17 percent in the quarter while construction machinery surged 28 percent, mitigating a drop in sales of consumer equipment such as lawnmowers because of cool, wet weather, the company said.