By Sabela Ojea

Deere & Co. said Wednesday that it has raised its quarterly payout to shareholders after posting a strong set of results in its latest quarter.

The world's largest seller of tractors and crop harvesters said its board approved a quarterly dividend of $1.25 a share, up from $1.20 previously.

The company said Friday it now expects higher earnings for the year after reporting a profit of $1.96 billion for the quarter ended Jan. 29, up from $903 million in the same quarter a year ago.

Quarterly earnings increased to $6.55 a share, topping analyst expectations by nearly a dollar a share, according to FactSet, despite dealing with elevated production costs.

The company benefited from favorable market conditions and higher levels of production, Chief Executive John C. May said.

Revenue soared 32% to $12.65 billion, clearing analyst expectations by more than $1 billion.

Write to Sabela Ojea at sabela.ojea@wsj.com

(END) Dow Jones Newswires

February 22, 2023 13:23 ET (18:23 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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