Higher prices lift profit and revenue at Deere
Deere & Co. said its fiscal fourth-quarter earnings rose more than analysts estimated as sales unexpectedly increased, helped by higher prices.
Net income climbed 19% to $277.3 million, or $1.20 a share, from $232.8 million, or 96 cents. Sales rose 2.5% to $5.12 billion in the quarter ended Oct. 31.
Shares of Moline, Ill.-based Deere rose $5.86 to $95.27.
From Bloomberg News
* Borders Group Inc. said its third-quarter loss widened to $39.1 million, or 64 cents a basic share, from $14.1 million, or 20 cents, a year earlier. Sales rose 1.7% to $860.4 million.
* J. Crew Group Inc. posted a third-quarter profit of $26 million, or 40 cents a share, compared with a loss of $336,000, or a penny, a year earlier. Revenue grew to $275.6 million from $223.4 million.
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