Deere says 1Q profit up 4 percent on strong sales

By JOSH FUNK

Deere & Co. says strong equipment sales, particularly abroad, boosted quarterly net income by 4 percent and the company is raising its outlook for 2012.

The company posted first-quarter earnings Wednesday of $532.9 million, or $1.30 per share in its fiscal first quarter. That's up from $513.7 million, or $1.20 per share, last year.

Deere's quarterly revenue grew 11 percent to $6.77 billion from last year's $6.12 billion.

That blew past Wall Street expectations and company shares are edging up in premarket trading. .

Deere, based in Moline, Ill., says it still expects equipment sales to be up about 15 percent in fiscal 2012, but the company now predicts net income of $3.275 billion. That's up from last fall's forecast of $3.2 billion in net income.