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Deere posts lower quarterly profit, raises full-year outlook

A John Deere 8600 tractor is displayed on opening day of the World Ag Expo on February 10, 2015 in Tulare, Calif.
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A John Deere 8600 tractor is displayed on opening day of the World Ag Expo on February 10, 2015 in Tulare, Calif.

Deere posted lower quarterly earnings on Friday as the soft global agricultural economy depressed sales of its farming machinery.

Net income attributable to Deere fell to $488.8 million, or $1.55 per share, in the third quarter ended on July 31 from $511.6 million, or $1.53 per share, a year earlier, when there was more outstanding stock.

"John Deere's performance in the third quarter reflected the continuing impact of the global farm recession as well as difficult conditions in construction equipment markets," Chief Executive Officer Samuel R. Allen said in a statement.

The company increased its fiscal-year earnings outlook to $1.35 billion from $1.2 billion.