Deere performs better than expected
US farm and construction equipment manufacturer John Deere has exceeded market expectations and reported second quarter after-tax profits of $204.3m.
This represents a 36% improvement from last times depressed $150.1m, reports the Financial Times.
Deere said prospects had improved in the past three months with dry weather predictions helping to lift crop prices and demand for grain and oilseeds rising.
Acknowledging the farm sector was still affected by low commodity prices, Deere said higher production schedules had boosted profits.
Operating profits from the farm equipment division rose to $159m in the second quarter, compared with $61m a year ago.
- John Deere cuts production, FWi, 18 August, 1999
- Farming slump hits Deere, FWi, 19 May, 1999
- Deere prospers from strong US farm sector, FWi, 20 May, 1998
- Financial Times 17/05/2000 page 35