Deere & Co. on Thursday reported fiscal third-quarter net income of $1.73 billion. On a per-share basis, the company had a net income of $6.29. The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $5.80 per share. The agricultural equipment manufacturer posted revenue of $13.15 billion in the period. Its adjusted revenue was $11.39 billion, also beating Street forecasts. Eight analysts surveyed by Zacks expected $10.87 billion. The better-than-expected third quarter has been attributed to staff layoffs and the company raising their prices. Nearly 2,300 people lost their jobs just in Iowa in order to preserve the company’s profits.
