Deere & Co. said it had record...

Deere & Co. said it had record earnings of $315.4 million, contrasted with a loss of $99 million in 1987, a year that included a crippling strike. The 1988 earnings included a gain of $69.3 million from tax considerations and a tax accounting change. Revenue rose to $5.3 billion, up 29% from 1987. The Moline, Ill.-based farm and construction equipment company said that despite the summer drought that ruined crops in the Farm Belt, fourth-quarter profit more than doubled to $80.5 million on sales of $1.5 billion, up 15% from the year-ago period. Deere officials attributed the performance to higher sales, improved farm income despite the drought and companywide cost-reduction efforts.