Deere's 3Q profit rises 7 percent

[August 13, 2008]  MOLINE (AP) -- Farm equipment maker Deere says its third-quarter earnings rose 7 percent as continuing growth in the global agricultural sector boosted results, but profit missed Wall Street expectations.

Moline-based Deere & Co. earned $575.2 million, or $1.32 per share, for the three months ended July 31, compared with $537.2 million, or $1.18 per share, during the same period last year.

Revenue increased 17 percent to $7.74 billion from $6.63 billion in the third quarter of 2007.

Analysts surveyed by Thomson Reuters, on average, forecast profit of $1.36 per share on revenue of $7.23 billion. Those estimates often exclude one-time items.

[Associated Press]

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