Deere & Company announced that its net income for the quarter rose 11 percent, to $788 million, or $1.98 per share, from $712 million, or $1.69 per share, a year earlier. Revenue was $9.6 billion. Analysts expected earnings of $2.32 per share on revenues of $9.5 billion. The Moline, Illinois-based company lowered its full-year net income forecast to $3.1 billion from $3.4 billion.

Although the U.S. is experiencing its most severe drought in at least half a century, "The drought has minimal impact on our third-quarter results and the same holds true for our full-year forecast," said Susan Karlix, Deere's manager of investor communications.