Deere's Profit Rises 46% |
| Wall Street Journal - Nov 23, 2011 |
Deere & Co. on Wednesday reported a 46% increase in fiscal-fourth-quarter profit and predicted strong crop prices will continue to fuel sales growth for farm equipment next year.
Deere, which also makes construction and forestry equipment, expects its equipment sales overall to increase about 15% in 2012 and profit to rise 14% to $3.2 billion, implying earnings per share of $7.75. Analysts polled by Thomson Reuters project earnings of $7.13 a share.
Deere, the world's leading manufacturer of farm tractors and combines based on sales, anticipates fiscal first-quarter sales rising 16% to 18% from the same period a year earlier, but warned that higher costs for materials, inventory and other expenses would hold net income below last year's level.
"We expect strong farmer confidence and equipment demand" in 2012, said Susan Karlix, manager of investor communications, during a conference call with analysts. She said the farm economy shows "every sign of continuing to drive ahead."
Read Full Article from Wall Street Journal
- Posted: 2011-11-23 15:56:36
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