Deere's net income jumps 22 percent

John Deere equipment sit on the sales lot of Deems Farm Equipment Inc., in Lawrence, Kan., Wednesday, Aug. 15, 2007. Deere and Company said their third quarter profits were up 23 percent on strong sales outside the U.S. and Canada. (AP Photo/Orlin Wagner)
Orlin Wagner

MOLINE, Ill. Deere & Co. (DE), the big farm and construction equipment maker, says its first-quarter net income leaped 22 percent as it sold more farm machines for higher prices.

Deere says it earned $649.7 million in the quarter ended Jan. 31, or $1.65 per share. Revenue rose almost 10 percent to $7.42 billion.

Analysts surveyed by FactSet had been expecting earnings of $1.39 per share on revenue of $6.73 billion.

The U.S.-based company predicted that sales would rise about 4 percent in the second quarter and 6 percent for the full year. It expects 2013 net income of about $3.3 billion. That's slightly more than analysts had been expecting.

Deere shares rose $2.03, or 2.2 percent, to $96 in premarket trading Wednesday.