Deere 1Q Profit Falls 45% Feb 20, 2009

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Deere & Co. said its 1Q profit fell 45% and reduced its 2009 earnings outlook by 21%. For the quarter ending Jan. 31, it said net income was US$203.9 million, down from $369.1 million a year earlier. Revenue slipped 1% to $5.15 billion.

Deere's North America sales increased 1%, while sales in the rest of the world remained virtually flat. Sales of commercial and consumer equipment — including riding mowers and chain saws — fell 25%.

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