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Deere Fourth-Quarter Profit Declines 18%

The Associated Press

MOLINE, Ill. -- Farm equipment maker Deere (DE Quote) said fiscal fourth-quarter earnings fell 18%, partly because of costs linked to the closure of a Canadian facility, a higher tax rate and currency setbacks.

The Moline, Ill.-based company said Wednesday it earned $345 million, or 81 cents a share, for the three months ended Oct. 31, compared with $422.1 million, or 94 cents a share, a year earlier.

Revenue jumped 21% to $7.4 billion from $6.14 billion in the fourth quarter of 2007.

Analysts surveyed by Thomson Reuters, on average, predicted per-share earnings of 99 cents on revenue of $6.84 billion. Those estimates typically exclude one-time items.