Deere's net income jumps 22 percent

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.