Deere earnings beat, shares gain

John Deere tractors sits on display at Klein Equipment, a John Deere dealership, in Galesburg, Ill.
Daniel Acker | Bloomberg | Getty Images
John Deere tractors sits on display at Klein Equipment, a John Deere dealership, in Galesburg, Ill.

Deere reported earnings and revenue that beat market expectations on Wednesday, supported by strength in the farm industry in the Americas.

The company reported record third-quarter results, Deere's CEO Samuel R. Allen said in a statement.

"Deere's success is a reflection of considerable strength in the farm sector, especially in North and South America," he said.

After the earnings announcement, the company's shares gained more than 2 percent in early-hours trading. (Click here to get the latest quote.)

Income rose 26.4 percent to $996.5 million, or $2.56 a share, from $788.0 million, or $1.98 a share, in the third quarter.

Revenue spiked 12 percent to $10.01 billion from $8.93 billion a year ago.

Analysts had expected Deere to report earnings excluding items of $2.17 a share on $9.28 billion in revenue, according to a consensus estimate from Thomson Reuters.

Net sales of the equipment operations worldwide increased 4 percent for the quarter, the company said in a statement.