Deere Posts 19% Rise in Profit, Raises Forecast |
Wall Street Journal - Feb 17, 2010 |
Deere & Co. on Wednesday raised its full-year profit forecast and reported a 19% rise in fiscal first-quarter earnings amid a broad recovery in the global agribusiness sector.
The world's largest maker of farm equipment by revenue cited an expected recovery in North American business alongside a turnaround in its unprofitable construction unit.
Deere is a key barometer of global industry conditions, and expectations of higher farm incomes and rising commodity prices have boosted confidence among makers of fertilizer, seeds and farm equipment in recent weeks.
Deere's latest results benefited from cost cutting, improved pricing and currency gains. While Chief Executive Samuel Allen said economic conditions "remain stubbornly weak," colleagues pointed to recent improvements.
Read Full Article from Wall Street Journal
- Posted: 2010-02-17 10:59:28
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