Farm equipment maker Deere & Company today announced a worldwide net loss of $222.8 million, or $0.53 per share, for the fourth quarter ended October 31.
Deere is the biggest U.S. maker of farm equipment, and sluggish economic conditions in most world markets continue to drive down demand for tractors, combines and the company's other agricultural equipment.
Its construction equipment business has also been hurt.
Despite this, the company said it would have been profitable without the unusual items in the latest quarter.
"In the face of intense global economic pressure, John Deere has completed a solidly profitable year and maintained its strong financial condition," said Samuel R. Allen, President and Chief Executive Officer. "All our businesses are benefiting from the consistent execution of plans to keep a tight rein on costs and inventories. In addition, Deere has made further progress extending its competitive position through a relentless focus on customers and a steady investment in new projects, products and geographies."
The company said it expects its equipment sales to drop another 1 percent next year, including a 10 percent slide in the first quarter.
"We remain extremely confident about the company's future, which in our view holds considerable promise for delivering significant value to the company and its investors in the years ahead," Allen added.
Deere forecasts a $900 million profit next year.
SOURCE: www.deere.com
Edited by Ellie Duncan
Deere is the biggest U.S. maker of farm equipment, and sluggish economic conditions in most world markets continue to drive down demand for tractors, combines and the company's other agricultural equipment.
Its construction equipment business has also been hurt.
Despite this, the company said it would have been profitable without the unusual items in the latest quarter.
"In the face of intense global economic pressure, John Deere has completed a solidly profitable year and maintained its strong financial condition," said Samuel R. Allen, President and Chief Executive Officer. "All our businesses are benefiting from the consistent execution of plans to keep a tight rein on costs and inventories. In addition, Deere has made further progress extending its competitive position through a relentless focus on customers and a steady investment in new projects, products and geographies."
The company said it expects its equipment sales to drop another 1 percent next year, including a 10 percent slide in the first quarter.
"We remain extremely confident about the company's future, which in our view holds considerable promise for delivering significant value to the company and its investors in the years ahead," Allen added.
Deere forecasts a $900 million profit next year.
SOURCE: www.deere.com
Edited by Ellie Duncan
