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Deere Reports Fourth-Quarter Profit, Predicts 11% Growth In Fiscal 2001
Deere & Co. reported a profit for the fiscal 2000 fourth quarter ended Oct. 31, but earnings fell short of analysts' forecasts.
The Moline, Ill.-based manufacturer earned $7.1 million, or 30 cents a share, compared with a year-earlier loss of $29.5 million, or 13 cents a share. Last year's figure did include a $40 million charge taken in connection with early retirements.
Deere posted fourth-quarter revenue of $3.38 billion compared with $2.79 billion for the same period a year ago. It also reported a full-year profit of $485.6 million, or $2.06 a share.
Officials said they expect worldwide sales to increase by 28 percent in the first quarter from a year earlier and by 11 percent in fiscal 2001.
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