Deere & Company (NYSE:DE) posted net income of $681.1 million, or $1.81 per share, for the first quarter ended January 31, beating estimates.
Worldwide net sales and revenues for the first quarter increased three percent, to $7.654 billion, compared with $7.421 billion last year. Net sales of the equipment operations were $6.949 billion for the quarter compared with $6.793 billion a year ago.
Deere said that company equipment sales are projected to decrease about 3 percent for fiscal 2014 and be down about 6 percent for the second quarter compared with the same periods of 2013. For the full year, net income is anticipated to be approximately $3.3 billion.
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