Deere Swings to Fourth Quarter Profit and Beats Street Forecasts

Construction equipment manufacturer Deere reversed course from the prior year to post a fourth quarter profit, owing to positive U.S. farming conditions.

For the fourth quarter ending October 31, net income attributable to Deere & Company was $457.2 million, or $1.07 per share, reversing the net loss of $222.8 million, or 53 cents per share, for the same period last year. Fourth quarter sales increased 35% to $7.2 billion.

The results trumped analyst estimates of profits of 94 cents per share on revenues of $6.2 billion.

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