Deere Forecast Tops Estimates as Construction Gains
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Deere & Co. forecast fiscal 2014 profit that exceeded analysts’ estimates as it predicted higher construction and forestry equipment sales will help offset some of the decline in revenue from agriculture, its largest market.
Net income will drop to about $3.3 billion in the year through October, from $3.54 billion a year earlier, Moline, Illinois-based Deere said in a statement today. While that’s the same as the company’s November projection, it’s more than the $3.13 billion average of 17 estimates compiled by Bloomberg. It maintained a forecast for a 3 percent drop for equipment sales.