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News Summary: Deere 1Q earnings up 22 pct.

The Associated Press

THE NUMBERS: Farm and construction equipment maker Deere & Co. on Wednesday reported first-quarter net income that was 22 percent above a year ago. Deere said it earned $649.7 million, or $1.65 per share, as revenue rose almost 10 percent to $7.42 billion.

THE REASON: Deere said it is selling more agricultural and turf equipment at higher prices, which is driving up revenue. It also is expanding its global presence and watching costs.

THE OUTLOOK: The company predicts that sales will rise about 4 percent in the second quarter and 6 percent for the full year. It expects 2013 net income of about $3.3 billion, just above earlier forecasts and analysts' predictions.