|Deere profit beats estimates||| Print ||
|Written by Associated Press|
|Wednesday, 20 November 2013 08:45|
MOLINE, Ill. (AP) — Deere & Co.'s fourth-quarter net income rose 17 percent as it raised prices for its farm and construction equipment. But it predicted a slowdown in the farm economy and smaller profits for next year.
Crop prices have been dipping after setting record highs, so farmers have less money in their pockets. Deere says that will hurt demand next year. It predicted that equipment sales will fall 3 percent next year, and its profits will decline, too.
For the most recent quarter Deere earned $806.8 million, or $2.11 per share. That was up from $687.6 million, or $1.75 per share, a year earlier. The results were well ahead of the $1.90 per share profit expected by analysts surveyed by FactSet.
Equipment revenue fell 5 percent to $8.62 billion, matching analyst estimates.
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