Deere Profit Disappoints After Sales Slow Outside U.S., Canada
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Deere & Co., the world’s largest agricultural equipment maker, posted earnings that missed analysts’ estimates for a second consecutive quarter after sales declined 2 percent outside the U.S. and Canada.
Profit rose to $1.75 a share in the fiscal fourth quarter ended Oct. 31 from $1.62 a year earlier, the Moline, Illinois-based manufacturer said in a statement today. The average of 18 estimates compiled by Bloomberg was for $1.88. Net income will be about $3.2 billion in the year through October 2013, Deere said. The average of 15 estimates was for $3.26 billion. The shares fell the most in three months.