(Reuters) – Deere & Co reported a 75% jump in quarterly profit on Wednesday as limited supply of its tractors, combine harvesters and sprayers aided the company’s pricing power and helped offset the impact of higher raw material costs.
Shares of the company rose 2.8% at $428 in early trade.
The Moline, Illinois-based firm’s net income rose to $2.25 billion, or $7.44 per share, for the quarter ended Oct. 30 from $1.28 billion, or $4.12 per share, a year earlier.
Total net sales and revenue rose to $15.54 billion from $11.33 billion.
(Reporting by Aishwarya Nair in Bengaluru; Editing by Anil D’Silva)