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Machinery


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August 24, 2009

Deere posts 27 percent decline in 3Q profit

  • Equipment sales are projected to fall about 21 percent for the year and 34 percent in the fourth quarter.
    • By DANIEL LOVERING
    AP Manufacturing Writer

    Deere & Co. posted a 27 percent decline in third-quarter profit as the slumping global economy continued to depress sales of its tractors, bulldozers and other products. But the results easily beat Wall Street expectations.

    The world's largest maker of farm equipment said last week it expected the biggest single-year sales drop in at least 50 years in 2009, but reiterated an annual profit forecast of $1.1 billion, bolstered by healthier anticipated sales of agricultural equipment in North America.


     
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