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Deere profit declines 27% in fiscal Q3
Source: Agencies |
August 20, 2009, Thursday
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DEERE & Co, the world's largest maker of farm equipment, said yesterday its fiscal third-quarter profit dropped 27 percent as the global economic slowdown continued to depress sales of its products. But the results easily beat Wall Street expectations, sending its shares up in pre-market trading.
The Moline, Illinois-based company said it expected the biggest single-year sales drop in at least 50 years in 2009, but reiterated an annual profit forecast of US$1.1 billion.
Deere has faced dwindling demand for its products as farmers and other customers spend less on equipment due to tough economic conditions and weaker crop prices. Tight credit markets in some developing countries have made it difficult for potential customers to finance purchases.
Deere said it earned US$420 million, or 99 US cents per share, during the three months ended July 31. That's down from US$575.2 million during the same period last year.
The Moline, Illinois-based company said it expected the biggest single-year sales drop in at least 50 years in 2009, but reiterated an annual profit forecast of US$1.1 billion.
Deere has faced dwindling demand for its products as farmers and other customers spend less on equipment due to tough economic conditions and weaker crop prices. Tight credit markets in some developing countries have made it difficult for potential customers to finance purchases.
Deere said it earned US$420 million, or 99 US cents per share, during the three months ended July 31. That's down from US$575.2 million during the same period last year.
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