Global farming set to boost Deere |
| Financial Times - Nov 21, 2012 |
John Deere fell short of analysts’ expectations for the year. Nevertheless the world’s biggest tractor maker by revenues said that it was heading into 2013 at “a strong pace” thanks to the continuing commodities boom.
Although full-year net income was a record at $3.06bn, it fell short of analysts’ expectations of about $3.12bn because of higher-than-expected cost increases.
The shares fell 4 per cent to $82.56 in early afternoon trading.
Berkshire Hathaway, Warren Buffett’s investment vehicle, last week disclosed it had taken a stake in Deere, one of his many investments in traditional manufacturing businesses.
The company, which makes forestry, construction and agricultural equipment, said net income for its fourth quarter was up 3 per cent to $688m on revenue up 14 per cent to $9.79bn. Full-year net income rose 9 per cent on revenue up 13 per cent to $36.2bn.
Costs and expenses for the year rose 15 per cent to $8.67bn. Production delays experienced in the third quarter with the introduction of a new, more complex combine harvester have been resolved, said Deere.
Read Full Article from Financial Times
- Posted: 2012-11-21 16:05:36
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