UPDATE: Deere Posts Higher Q4 Profit

Deere & Co DE reported an increase in its fourth-quarter profit. Deere's quarterly profit surged to $806.8 million, or $2.11 per share, from a year-ago profit of $687.6 million, or $1.75 per share. Its total net sales dropped 3% to $9.45 billion. However, analysts were projecting earnings of $1.90 per share on sales of $8.62 billion. Deere expects a 2014 profit of around $3.3 billion. Deere shares gained 3.67% to $85.85 in pre-market trading.