NEW YORK (AP) — A boost in construction equipment sales drove profit higher for Deere & Co. in the fourth quarter, but the results fell short of Wall Street expectations.

The weaker-than-expected results sent shares lower as the market opened, but the stock quickly recovered as the company stated an upbeat outlook for equipment demand. Shares rose $5.14, or 3.7 percent, to $143.82 in midday trading.

The maker of agricultural and construction equipment reported a 46 percent boost in profit, to $784.8 million, or $2.42 per share. Earnings, adjusted for pretax gains, came to $2.30 per share, 14 c...