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Price increase, strong farm economy boosts Deere profits above analyst expectations

Deere & Co. says its second-quarter net income rose almost 3 percent as it raised prices and the farm economy continued to be strong.

The company, which makes farm tractors as well as construction equipment, earned $1.08 billion, or $2.76 per share, for its most recent quarter. That was up from $1.06 billion, or $2.61 per share, during the same period last year.

That topped analysts' average estimates for earnings of $2.71 per share.

Revenue from equipment sales rose 9 percent to $10.27 billion from $9.41 billion a year earlier. Including financial services, Deere revenue rose 9 percent to $10.91 billion.

Deere raised prices by 3 percent and shipped more gear during the quarter.

Its full-year profit prediction of $3.3 billion is unchanged.

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