Deere Earnings Forecast Tops Estimates as Construction Gains
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Deere & Co., the second-largest maker of construction equipment in the U.S., forecast better-than-expected earnings for its 2014 fiscal year as a house-building recovery boosts demand for its loaders and excavators.
Net income will drop to about $3.3 billion in the year through Oct. 31, Moline, Illinois-based Deere said in a statement today. That’s more than the $3.06 billion average of 17 analysts’ estimates compiled by Bloomberg. It said total equipment sales will fall about 3 percent, compared with an average estimate of a 9.5 percent decline. The shares rose 2.1 percent in New York.