Deere Jumps as Profit Forecast Tops Estimates Amid Cost Cuts
- Shares rise 11% as fourth-quarter earnings top estimates
- Tractor maker reiterates target for $500 million of savings
Ward: Deere Goes Nowhere Without Top Line Growth
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Deere & Co. closed at a record high after forecasting 2017 profit that exceeded analysts’ estimates, buoyed by cost cuts amid the longest slump for farmer incomes in decades.
The Moline, Illinois-based company forecast net income will be $1.4 billion in fiscal 2017, more than the $1.21 billion average estimate, it said Wednesday in a statement. Deere also reported better-than-expected profit for the 16th straight quarter.