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Deere 4Q net income up 2.7 percent

Joshua Freed, AP Business Writer

MINNEAPOLIS (AP) -- The farm and construction equipment maker Deere 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.