Summary
Deere & Company (DE) issued a current report on November 7, 2002, to announce an upward revision of its fourth-quarter earnings. The company now expects fourth-quarter earnings to be at least $63 million, or $0.26 per share, significantly exceeding prior expectations of breakeven performance. This represents a substantial improvement compared to the same period last year, when Deere reported a net loss. The company also provided an initial outlook for fiscal year 2003, anticipating equipment sales to increase by 8-10%, driven primarily by its agricultural and commercial/consumer equipment segments. Enterprise net income for 2003 is projected to be between $500 million and $600 million.
Key Highlights
- 1Deere & Company anticipates fourth-quarter earnings to be at least $63 million, or $0.26 per share, exceeding previous breakeven guidance.
- 2This projected fourth-quarter performance shows a strong rebound from a net loss of $320.1 million in the prior year's fourth quarter.
- 3The company forecasts full-year 2003 equipment sales to grow by 8-10%.
- 4Growth in 2003 sales is expected to be led by the agricultural equipment and commercial and consumer equipment divisions.
- 5Deere is projecting enterprise net income for fiscal year 2003 to range between $500 million and $600 million.
- 6The full fourth-quarter earnings report, including more detailed 2003 business outlook, is scheduled for release on November 19, 2002.