Deere posts record $788M profit in qtr.

Aug 15, 2012 | 04:58 PM | Corinna Petry

Tags  Deere & Co., earnings, record profit, agricultural equipment, drought, crop yields, Samuel Allen, Corinna Petry

CHICAGO — Deere & Co. posted record net income of $788 million in its fiscal third quarter ended July 31, a 10.6-percent jump from the same period last year, on revenue that increased 14.6 percent to more than $9.59 billion.

Despite the record-breaking performance, chairman and chief executive officer Samuel R. Allen said, "We are not satisfied that sales fell short of our expectations." He attributed the shortfall to "weakening in certain international markets and short-term manufacturing inefficiencies resulting from the introduction of a record number of new products."....

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