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DE's 1Q Profit Down; Provides Bleak Outlook
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ShareDeere & Co's (DE) first-quarter profit slipped 45% as the leading farm equipment maker said that results were impacted by weak Latin American sales owing to the drought in Argentina and the credit crunch in Brazil.
In light of a deteriorating world economy, the company now expects net income of $1.5 billion this year, less than its previous forecast of $1.9 billion. Deere also stated that equipment sales for 2009 would decline 8%. The company suspended its practice of providing a quarterly profit forecast.
The Moline, Illinois-based company earned a profit of 48 cents per share, easily missing analysts' estimated profit of 64 cents. Quarterly sales dropped 1.2% to $5.146 billion from $5.2 billion.
Last month, Deere shed 700 jobs as sales of its farm equipments declined amidst a collapsing economy.
DE is a Zacks #4 Rank ("Sell").
Read the full analyst report on DE
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