Deere Fourth-Quarter Earnings to Be Higher Than Expected

Tue November 12, 2002 - National Edition

Deere & Company announced that earnings for the fourth quarter, ended Oct. 31, are expected to be no less than $63 million, or $0.26 per share. Earlier the company said it anticipated "breakeven" performance for the quarter. Last year, Deere reported a loss of

$320.1 million, or $1.36 per share (loss of $103.5 million, or $0.45 per share, excluding special items), for the same period.

For 2003, Deere said it anticipates full-year equipment sales to be up by 8 to 10 percent and for enterprise net income to be in a range of $500 million to $600 million. The sales increase is expected to come primarily from the agricultural equipment and commercial and consumer equipment operations. Deere’s fourth-quarter earnings report, scheduled for release on Nov. 19, will provide further detail about the business outlook for 2003.