Deere net income up 2.7 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

MINNEAPOLIS The farm and construction equipment maker Deere (DE) says its fourth-quarter net income rose 2.7 percent as it sold more farm gear at higher prices.

Deere & Co. says it earned $687.6 million for the quarter, or $1.75 per share. Revenue rose 14 percent to $9.79 billion.

Analysts surveyed by FactSet had been expecting earnings of $1.88 per share on revenue of almost $8.9 billion.

The Moline, Ill.-based company predicted that sales would rise about 5 percent next year, and will be up 10 percent in the first quarter. It expects full-year 2013 net income of about $3.2 billion. That's a little more than analysts had been expecting.

Deere shares fell 99 cents at $85 in early premarket trading.