Deere & Co. posted a stronger-than-expected quarterly profit on Wednesday but kept its full-year forecast unchanged, indicating the challenges the farm equipment industry faces as commodity prices come off the record highs of recent years.
The Moline, Ill.-based company said cost controls had helped offset the effects of moderating demand for its tractors, harvesters and other agricultural machinery in the most recent quarter.
Deere, the world's largest maker of farm equipment, said it had earned $681.1 million, or $1.81 a share, in the first quarter ended Jan. 31, up from $649.7 million, or $1.65 a share, a year earlier.
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Analysts on average expected a profit of $1.52 a share, according to Thomson Reuters I/B/E/S.