Deere Reports 4Q At 18% Decline

Deere & Co., Moline, IL, reported an 18% decline in fiscal fourth-quarter profit as costs tied to the closure of a facility in Canada weighed on results, Business Week reports. The company said it expected equipment sales to be flat next year, and up by around 7% in the first quarter, depending on uncertain global economic conditions.

Deere said it earned $345 million for the three months ended Oct. 31, compared with $422.1 million, during the same period last year. That included pretax expenses in the latest quarter of about $50 million to close a facility in Welland, Canada.

Sales and revenue jumped 21% to $7.40 billion from $6.14 billion in the fourth quarter of 2007. On average, analysts in a recent survey by Thomson Reuters, predicted earnings per share of 99 cents on revenue of $6.84 billion. (Those estimates typically exclude one-time items.)

For the full year, Deere said net income shot to a record $2.05 billion, compared with $1.82 billion last year. ❖