Deere Posts Record Earnings; Company Says Profits Are Up 86%

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MOLINE, Ill. (AP) - Farm and construction equipment sales rode an economic rebound that helped Deere & Co. boost second-quarter profits by 86 percent, the company reported Tuesday.

The Moline-based manufacturer said net income totaled $477 million, or $1.88 per share, for the quarter that ended April 30, up from about $257 million, or $1.07 per share a year ago. Deere predicted earnings for the year would hit a record $1.2 billion. The results exceeded the $1.76 estimate of analysts surveyed by Thomson First Call.

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Deere Posts Record Earnings; Company Says Profits Are Up 86%

"That's very achievable," said Mark Kosnarek, an analyst with FTN Midwest Research. "In this whole...

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