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As it posted a 38 percent drop in the second quarter profits Wednesday, Deere & Co. announced that it remained “solidly profitable” and plans to continue taking “aggressive actions” to weather through the tough global economy.
The Moline-based equipment maker earned $472.3 million, or $1.11 per share, for the quarter that ended April 30. That compared with $763.5 million, or $1.74 per share, a year ago. Profits also were down 40 percent for first six months to $676.2 million, or $1.60 per share, which compared with $1.133 billion, or $2.56 per share, for the same period last year.
The lower earnings came as customers pulled back their spending on the company’s farm, turf and construction equipment. The company’s construction and forestry division felt the deepest impact from the economy as it recorded a $75 million loss in the second quarter and a $58 million loss in the first six months.
The agriculture and turf equipment divisions – which Deere earlier announced it plans to consolidate – both remained profitable. But both showed declines in earnings and profits from a year ago both in the quarter and the first six months.
“Clearly, operations dependent on construction activity and consumer spending are feeling the... Source
Source: Download JohnDeere Combine Harvester Part 2 video - savevid.com
Q & A with Elisha CooperHe told me all about growing corn—and he even let me drive his combine harvester, which was very cool. It was huge—bigger than my apartment!
as combine harvesters and large tractors in much greater numbers than it had previously anticipated. Deere also raised its full-year profits forecast, and more »
When John Deere launched its Single Tine Separator series of combine harvesters in 1999, it represented a bold step forward in harvesting technology.
The Case IH 8120 Combine Harvester (SRP: £34.99) reflects the detail and performance of its life-size counterpart, while over in the New Holland stable,
<ul><li>For International Harvester combine using John Deere header</li></ul>
Price: $329.99
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