Archive for May, 2010
Deere Improves Outlook, Makes Gains in Q1
Deere & Co. is best known for its tractors and farm equipment. These vehicles are often painted with a distinct yellow and green palate. It appears the outlook for Deere & Co. is fairly good for this year.
Deere & Co. raised its full-year profit outlook after reporting a 16% rise in quarterly earnings that surged past market expectations.
The world’s largest producer of farm machinery by sales also said demand was recovering at its construction-equipment unit.
Rising farm incomes led Deere to boost its fiscal full-year profit target to $1.6 billion from the $1.3 billion indicated in February. Machinery sales are seen up 11% to 13%, compared with its earlier 6% to 8% rise, including a 21% to 23% rise in the fiscal second quarter.
Many experts predicted much smaller gains for the tractor and farm equipment manufacturer. But in times of hardship, people will use the brands that are trusted the most rather than risking investments on untried equipment or products.