Deere & Co. reported record earnings for its fiscal third quarter, driven by strong performance in its bread-and-butter farm-equipment business.
Net income for Deere's third quarter, which ended July 31, was $997 million, or $2.56 per share. That's up from $788 million, or $1.98 per share, during the same period last year.
Net revenue for the third quarter jumped 4 percent to $10 billion, while net revenue for the first nine months rose 8 percent to $28.3 billion.
CEO Sam Allen said the strong results are "a reflection of considerable strength in the farm sector, especially in North and South America."
"We also are making further progress executing our wide-ranging operating and marketing plans, which call for expanding our global market presence while keeping a close watch on costs and assets," Allen said in a news release.
Deere forecasts that its equipment sales will be up about 5 percent for its fiscal 2013, while full-year net income will be close to $3.5 billion.
"Last year's fourth-quarter sales were particularly strong, in part because our factories were running at a high rate to catch up with customer orders," Allen said. "Even with this difficult comparison, our financial guidance implies a healthy level of income for the coming quarter and a third consecutive year of record results."
Allen also is optimistic about the company's long-term prospects.
"In our view, broad trends based on a growing, more affluent and increasingly mobile population have ample staying power and should help the company deliver substantial value to its customers, investors and other stakeholders in the future," Allen said.