Deere 2Q Profits Increase 80 Percent
May 14, 2003
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Better-than-expected sales and continued cost-cutting helped Deere & Co. post an 80-percent increase in its second-quarter earnings.  The manufacturer earned $256.9 million, or U.S. $1.07 a share, for the 3 months ended April 30, up from $141.8 million, or $0.59 a share, a year ago.

Revenue for the quarter grew 10 percent to $4.4 billion, up from $3.99 billion last year. Deere chairman and chief executive Robert W. Lane said sales increased in the company's three major equipment lines ? construction and forestry, commercial, and consumer equipment. He said revenues also were aided by favorable currency exchange rates and the effects of cost-cutting efforts within the company.

For the first 6 months of the fiscal year, Deere earned $324.9 million, or $1.35 a share, versus $103.6 million, or $0.43 a share, a year ago. Revenue rose to $7.19 billion from $6.51 billion a year ago. But the company trimmed its sales growth forecast for the full year, saying it expects sales will be up 6 percent to 8 percent, slightly below earlier estimates. Deere predicts earnings for the year will remain in a range of $500 million to $600 million. (Reuters)

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