Updated from 8:55 a.m. EST
Deere & Co.
posted record fourth-quarter earnings Tuesday but offered somewhat mixed forward guidance.
The Illinois-based company earned $356.7 million, or $1.41 a share, for its fiscal 2004 fourth quarter ended Oct. 31, compared with $70.6 million, or 27 cents a share, in the year-ago period. Revenue grew 32% to $5.21 billion. Analysts were expecting EPS of 99 cents, according to Thomson First Call.
Looking ahead, the farm- and construction-equipment maker expects equipment sales for 2005 to increase by 2% to 7% with net income of about $1.5 billion. Consolidated net income for the first quarter is forecast at $200 million to $225 million.
Analysts expect net income of $1.42 billion for the year and $247.2 million for the quarter.
Shares rose $2.77, ot 4%, to $71.48.