Deere & Company (DE: chart) reported worldwide net income of $369.1 million, or $0.83 per share, for the first quarter ended January 31, compared with $238.7 million, or $0.52 per share, for the same period last year.

Worldwide net sales and revenues increased 18% to $5.201 billion for the quarter compared with $4.425 billion a year ago. Net sales of the equipment operations were $4.531 billion for the period compared with $3.815 billion last year.

Net sales of the worldwide equipment operations increased 19% for the quarter, including positive effects for currency translation and price changes of 6%. Equipment sales in the United States and Canada were up 9% for the quarter.

Net sales outside the United States and Canada increased 37% including currency translations gains 11%.

Equipment sales are projected to increase by about 17% for full-year 2008 and up 23% for the second quarter.

Deere forecasted annual net income of $2.2 billion for the year and in a range of $700 million to $725 million for the second quarter.