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UPDATE: Deere Posts Upbeat Q1 Profit

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Deere & Co (NYSE: DE) reported a rise in its first-quarter profit.

Deere's quarterly profit surged to $681.1 million, or $1.81 per share, versus a year-ago profit of $649.7 million, or $1.65 per share.

Its total net sales climbed 3% to $7.65 billion. However, analysts were projecting earnings of $1.52 per share on sales of $6.58 billion.

For fiscal year 2014, Deere projects equipment sales to decline around 3%. It also estimates full-year profit of around $3.3 billion.

Deere shares gained 2.90% to $90.00 in pre-market trading.

Posted-In: profitEarnings News Guidance


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