Deere & Co reported stronger-than-expected quarterly earnings on Wednesday, sending its shares higher, as costs cuts and strength at its in-house finance arm overcame what it characterized as stubbornly weak global economic conditions.

The company, the world's largest maker of tractors and harvesters, reported a fiscal first-quarter net profit of $243.2 million, or 57 cents a share, up from $203.9 million, or 48 cents a share, last year.

Revenue fell 6 percent to $4.84 billion.

Analysts, on average, expected the Moline, Illinois-based company to report a profit of 19 cents a share on sales of $4.12 billion, according to Thomson Reuters I/B/E/S.

Deere shares were up $3.62 at $57.40 in premarket trading.

(Reporting by James B. Kelleher; Editing by Derek Caney)

Manufacturing