Deere Profit Rises 11%, Led by Overseas Sales

Deere & Co. reported an 11% rise in earnings to $142 million, or 59 cents a share, well beyond the 44 cents analysts expected, sending shares of the No.1 tractor maker to their biggest gain in seven months.

The Moline, Ill.-based company said sales rose 4.7% to $3.99 billion.

Chief Executive Robert Lane introduced more than 100 new or enhanced products in the last year, which helped produce a 12% increase in sales of farm equipment in Europe during the quarter. Deere said third-quarter sales will rise as much as 5%.

Deere shares rose $3.17, or 8%, to $45.70 on the NYSE.