Deere reports record Q3 earnings

Deere & Co. has posted third-quarter net income of $788.0 million, up 10.6% from $712.3 million for the same period last year.

"John Deere delivered record third-quarter performance in both sales and income," said Samuel Allen, chairman and CEO. "Although a strong quarter, we are not satisfied that sales fell short of our expectations due to weakening in certain international markets and short-term manufacturing inefficiencies resulting from the introduction of a record number of new products." 

Net sales and revenues increased 15% to $9.590 billion for the third quarter ended July 31.

For the first nine months of the year, net income was $2.38 billion, up 11.7% from $2.13 billion last year. Net income rose 13% to $26.37 billion for the period.

For the full year, the company expects net to be about $3.1 billion.