Profits increase for Deere & Co.; industry stocks fall

Profits for Deere & Co. in the quarter that ended April 30 increased 16% to $547 million, or $1.28 per diluted share, from the same period in 2009, beating analysts' estimates. Total revenues were $7.1 billion, up 6% from the same quarter the prior year, and the company boosted its sales outlook to an increase of 11% to 13% for the year, with net income of $1.6 billion. Despite the report, machinery stocks declined Wednesday amid concerns about demand in Europe and currency translations. Caterpillar was the worst performer in the Dow Jones Industrial Average, down 4.9% to $60.07.

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