19 June 1998

Deere world income up

DEERE and Company has reported a record worldwide net income of $365.2m for the second quarter ended Apr 30. It represents an increase of 14% in net income and 18% in earnings/share, compared with $319.5m for the second quarter of 1997.

Deere also reports that worldwide agricultural equipment operating profit increased 7% to $364m for the quarter and 7% to £570m for the first six months compared with $339m and $534m, respectively, for the same period last year.

Meanwhile, the Same Deutz-Fahr Group (SDF), has announced a 1997 turnover of Lira 1765bn (£617bn) an operating profit of approximately Lira 90bn (£30bn). Gerald Hampel, SDF chief executive, described the results as being in line with the companys objectives of consolidating market share and reducing financial expenditure deriving from the acquisition of Deutz-Fahr.

"In spite of some slackening of the positive trend in world agriculture, our company has remained competitive through major investment in research and development, together with an on-going programme of product modernisation and renewal," he says.