Deere Net Misses Estimates as Construction Sales Fall |
| Bloomberg - May 14, 2008 |
Deere & Co., the world's largest maker of tractors and combines, reported second-quarter profit growth below analysts' estimates as slowing demand for construction equipment blunted rising farm-machinery sales.
The company also predicted current quarter profit that will fall short of analysts' estimates in a statement today. The shares fell as much as 6.3 percent in New York trading.
Deere forecast construction machinery orders will decline 3 percent this year as new U.S. residential building may fall to 60-year lows. The company earlier projected sales would be unchanged in the face of the subprime mortgage crisis. Chief Executive Officer Robert Lane is relying on agricultural sales to continue to rise as demand for food and biofuels pushes prices for corn and soybeans.
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- Posted: 2008-05-14 08:40:36
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