Deere's fiscal 4Q profit drops 18 percent

[November 26, 2008]  MOLINE (AP) -- Farm equipment maker Deere & Co. says its fiscal fourth-quarter earnings fell 18 percent, partly due to costs linked to the closure of a Canadian facility, a higher tax rate and currency setbacks.

The Moline-based company said Wednesday it earned $345 million, or 81 cents per share, for the three months ended Oct. 31, compared with $422.1 million, or 94 cents per share, a year earlier.

Revenue jumped 21 percent to $7.40 billion from $6.14 billion in the fourth quarter of 2007.

Analysts surveyed by Thomson Reuters, on average, predicted earnings per share of 99 cents on revenue of $6.84 billion. Those estimates typically exclude one-time items.

[Associated Press]

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.