Deere Profit Estimates Worsen November 21, 2006
Posted by Tim Raines in: business, agriculture, construction, manufacturing, finance, forestry , trackbackProfit at Deere & Co., the world’s largest farm equipment manufacturer, will fall below analysts’ estimates in 2007, according to the company.
Total net income of $150 million to $175 million for the first quarter was the company’s prediction, resulting in 65 cents to 76 cents per share. Analysts on average were expecting 97 cents per share.
Chief Executive Officer Robert Lane is limiting production to prevent excess inventory due to higher fuel and fertilizer costs which the company expects will hurt farm budgets.
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