Deere Beats on Profit but Warns on Storm Clouds Ahead

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Deere reported higher quarterly earnings on Wednesday and forecast a record profit for the full year, but it warned that "global financial pressures as well as adverse weather patterns" made it cautious about its outlook.

The Moline, Illinois-based maker of tractors, harvesters and other agricultural equipment said it earned $1.08 billion, or $2.76 a share, in the second quarter ended April 30, up from $1.06 billion, or $2.61 a share, a year earlier.

Analysts on average expected the company to report a profit of $2.72 a share, according to Thomson Reuters.

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