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Deere reports record second-quarter earnings

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Deere & Company reported $1.084 billion net income for the second quarter that ended April 30, 2013.

That compares to $1.056 billion for the same period in 2012.

The income translates to earnings of $2.76 per share for the second quarter period that just ended.

The company reported revenue from worldwide equipment sales is up nine percent; equipment net sales for the U.S. and Canada are also up nine percent.

"After a record-setting second quarter, John Deere is well on its way to another year of strong performance," said Samuel R. Allen, chairman and chief executive officer.

Allen attributed the record results, in part, to a positive global farm economy.

Company officials project equipment sales to increase about three percent for third quarter and by about five percent for fiscal 2013, compared to the same periods a year ago.

The company’s net income for the full year is anticipated to be about $3.3 billion.

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