(Reuters) - Deere & Co reported a 46 percent rise in quarterly earnings and projected "substantial growth" for 2012 amid strong global farming conditions, sending its shares higher in premarket trading.
"Farmers in the world's major markets are continuing to experience favorable incomes due to strong demand for agricultural commodities," the world's largest maker of farm machinery said in a press release.
New product launches also boosted its quarterly results, the company said.
Moline, Illinois-based Deere posted net income of $669 million, or $1.62 per share, for the fiscal fourth quarter that ended October 31, compared with $457 million, or $1.07 per share, a year earlier. Revenue rose 20 percent to $8.61 billion due to strong equipment sales.
via news.yahoo.com
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