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Deere third-quarter profit tops expectations


    NEW YORK (Reuters) - Deere & Co reported stronger-than-expected quarterly results on Wednesday, helped by robust demand for its biggest tractors and harvesters in the United States.

    The U.S. strength helped offset deteriorating conditions in Europe, where the company said markets were "down sharply."

    Deere, which also makes construction and forestry equipment, said demand for those products was rebounding from the lows hit after the popping of the worldwide property bubble. But it said that sales were still "far below normal levels."

    The world's largest maker of farm equipment reported a fiscal third-quarter profit of $617 million, or $1.44 a share for the period ended July 31, up from $420 million, or 99 cents a share, a year before.

    Sales rose 16 percent to $6.84 billion.

    Analysts, on average, had expected the Moline, Illinois-based company to report a profit before items of $1.24 a share and a net profit of $1.14 a share on sales of $6.52 billion, according to Thomson Reuters I/B/E/S.

    (Reporting by James Kelleher; Editing by Derek Caney and Gerald E. McCormick)