Deere sees slower growth ahead

The drought and slower global growth are blamed for the downturn in earnings.

Compiled by staff

Published: Aug 15, 2012

A slowing global economy and the effects of a prolonged U.S. drought caught up to Deere & Co. in its fiscal third quarter, as its net income rose 11 percent but fell well short of Wall Street's expectations.

Deere cut its revenue prediction for the year, and investors reacted swiftly. Shares dropped more than 5 percent before the opening bell.

The ongoing drought in the Midwest, a stronger dollar and costs to introduce a slew of new products hurt the world's largest producer of agricultural equipment.

The Quad Cities-based company, said Wednesday that it earned $788 million, or $1.98 per share for the quarter ended July 31, compared with $712.3 million, or $1.69 per share for the same period last year.

Permalink: Click here

Comments

Read comments from others and share your own thoughts.

Please provide the answer to the following question:

=

Search this site:

Read More Stories

Crop insurance key IFB focus in Senate debate

With Senate farm bill debate anticipated this week, Farm Bureau is girding up to protect crop insurance and other key programs in what could shape up as a heated floor fight.

Read this story


Finally! Some significant planting progress

Most farmers in Illinois this week finally were able to work fields for multiple days.

Read this story


Cattle on feed numbers down 3%

On-feed numbers and placements were higher than trade estimates. We have commentary on today's report from Derrell Peel, Oklahoma State University ag economist.

Read this story

Finally! Some significant planting progress

Barn 'quilts' of Kankakee County promote agri-tourism, history

Top 50 Tags