Increased overseas sales of its trademark agricultural equipment helped Deere & Co. more than double third-quarter earnings, easily eclipsing Wall Street expectations.

Also contributing to the rise was the elimination of losses from the Homelite consumer products business, which was sold in November. The company said cost-cutting measures also played a role.

The Moline, IL-based manufacturer on Tuesday, Aug. 20, reported earnings of $147.6 million, or 61 cents per share, for the quarter ended July 31, up from $71.8 million, or 30 cents per share, a year ago.

Analysts surveyed by Thomson Financial/First Call had forecast earnings of 35 cents per share.

Third-quarter revenue was $3.96 billion, up from $3.61 billion in 2001. The company said domestic sales of farm machinery and construction and forestry equipment remain down.

The company said overseas sales of agricultural equipment rose 41 percent for the quarter, largely because of sales in Europe.

"This performance is especially encouraging in light of conditions that remain well below normal in many key markets,’ said Robert W. Lane, Deere’s chairman and chief executive officer.

Deere stock gained 10 percent, or $4.18 a share, to close Tuesday at $46.20 on the New York Stock Exchange.

For the first nine months of the fiscal year, Deere reported earnings of $251.2 million, or $1.04 per share, a slight decrease from $256.1 million, or $1.08 per share, last year.

The company expects sales to be flat to slightly higher for the year. It forecast an increase of up to 10 percent in equipment sales in the fourth quarter, a seasonally weak quarter for the company overall.

Deere is one of the world’s largest manufacturers of agricultural machinery, including John Deere tractors. Deere also manufactures and distributes equipment for construction, forestry and public works, and it produces a variety of commercial and consumer equipment.