Bloomberg "Anywhere" Remote Login Bloomberg "Terminal" Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Businessweek Archives

Deere Leads A Farm Belt Cheer


In Business This Week

DEERE LEADS A FARM BELT CHEER

Not all the news from the nation's flooded heartland is bleak. On Aug. 24, agricultural equipment manufacturer Deere announced profits for its fiscal third quarter of $100.1 million, up from $9.1 million a year earlier and more than 50% higher than Wall Street estimates. Sales jumped 17%, to $2 billion.

Rising farm incomes helped drive the profit surge. The company says net farm cash incomes will go as high as $70 billion this year, up from an earlier prediction of $60 billion. Low interest rates and the economic recovery are also fueling purchases of Deere's combines and large tractors. As a result, the company says output in 1993 will be 10% above last year. The ultimate winner? Deere stockholders. The company's shares rose by 7.6% on Aug. 24, hitting 74, a 52-week high.EDITED BY KEITH H. HAMMONDS


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus