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Deere Earnings Jump 62 Percent

Wed August 18, 2004 - National Edition

MOLINE, IL (AP) Resurgent farm and construction equipment sales pushed Deere and Company’s third-quarter profits up 62 percent from a year earlier.

The manufacturer’s quarterly results handily beat Wall Street’s expectations.

Net income was $401 million, or $1.58 per share. That’s up from $247 million, or $1.02 per share.

Revenue was .4 billion, up 23 percent. Deere reported impressive gains of 34 percent in agricultural equipment sales and 40 percent in construction and forestry sales.

CEO Robert Lane said cost controls also contributed to the strong quarter.