Deere & Company reported that net income was a record $996.5 million for the third quarter ended July 31, compared with $788.0 million for the same period last year. For the first nine months of the year, net income attributable to Deere & Company was $2.730 billion compared with $2.377 billion last year.

Deere said worldwide net sales and revenues increased 4%, to $10.01 billion, for the third quarter and rose 8% to $28.345 billion for nine months. Net sales of the equipment operations were $9.316 billion for the quarter and $26.373 billion for nine months, compared with $8.930 billion and $24.454 billion for the same periods last year.

Deere said that net income attributable to John Deere Capital was $124.7 million for the third quarter and $335.6 million year to date, compared with $98.5 million and $270.2 million for the respective periods last year. Results improved for both periods due primarily to growth in the credit portfolio. Nine-month results were also impacted by higher selling, administrative and general expenses.

Net receivables and leases financed by JDCC were $30.096 billion at July 31, 2013, compared with $25.766 billion last year.

“John Deere is well on the road to another year of impressive performance after reporting record third-quarter results,” said Samuel R. Allen, chairman and chief executive officer. Sales and income for the period were higher than in any prior third quarter, he pointed out. “Deere’s success is a reflection of considerable strength in the farm sector, especially in North and South America. We also are making further progress executing our wide-ranging operating and marketing plans, which call for expanding our global market presence while keeping a close watch on costs and assets.”

To read the Deere & Company news release click here.