UPDATE: Deere Q4 Profit Rises 3%

Deere & Co

reported a 3% rise in its fourth-quarter profit. Deere's quarterly profit surged to $687.6 million, or $1.75 per share, versus $669.6 million, or $1.62 per share, in the year-earlier period. Its sales climbed 14% to $9.79 billion. However, analysts were expecting earnings of $1.88 per share on sales of $8.93 billion. Deere projects FY13 profit of around $3.2 billion, versus analysts' estimates of $3.26 billion. Deere shares closed at $85.99 yesterday.