MOLINE, Ill. -- Deere & Company today updated its net income guidance for the second quarter and full fiscal year, following this morning's announcement by the company of a debt tender offer of up to $500 million in cash.

Deere said it now expects net income to be in the range of $675 million to $700 million for the second quarter 2006. For the full year, the company now expects net income to be approximately $1.65 billion.

Deere said that it continues to take a balanced approach to use of its cash by pursuing growth initiatives and returning cash to security holders.

SOURCE: Deere news release.