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SMALL BUSINESS
Deere & Co. Beats Despite Falling Profits
AP
MOLINE, Ill. (Aug. 19) - Farm equipment maker Deere & Co. says its fiscal third-quarter profit fell 27 percent as the global recession continued to depress sales of its products. But the results easily beat Wall Street expectations.
The Moline, Ill.-based company said Wednesday that it earned $420 million, or 99 cents per share. Analysts surveyed by Thomson Reuters expected a profit of 57 cents per share. A year ago, Deere earned $575.2 million, or $1.32 per share, last year.
Revenue dropped 24 percent to $5.89 billion, topping analysts' estimates of $5.25 million.
Deere's sales have declined this year as farmers and other customers cut spending amid the economic slowdown.
Copyright 2009 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
2009-08-19 07:47:10
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