Wed Feb 12, 2014 07:27 AM CST

MOLINE, Ill. (AP) -- Deere & Co. says its first-quarter net income rose almost 5%, but it projected a slowdown in sales of farm equipment this year.

High crop prices have put money into farmers' pockets and driven a boom in demand for Deere's tractors and other motorized farm gear. But Deere says demand for farm equipment is "moderating." It says farm and construction equipment sales will fall 3% this year, and will fall 6% in the second quarter. Its profit guidance for the year is unchanged at about $3.3 billion.

For the quarter that ended Jan. 31, Deere earned ...

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