Deere Expects Equipment Sales Up 15%
NEW YORK (
) --
Deere
(DE) - Get Report
said it expects profit next fiscal year to rise to $3.2 billion from $2.8 billion in fiscal 2011 with equipment sales increasing 15%.
The farming equipment maker on Wednesday said it expects equipment sales to rise 16% to 18% in the first quarter from a year earlier.
Wells Fargo
senior analyst Andrew Casey noted that Deere tends to provide conservative guidance. The company's guidance next year for earnings of about $7.75 a share tops estimates of $6.99 to $7.15 a share.
Deere reported a 46% increase in fourth-quarter earnings to $669.6 million, or $1.62 a share. Revenue rose 20% to $8.6 billion.
Analysts were expecting profit of $1.43 a share on revenue of $7.91 billion.
Shares of Deere
have fallen 13.4% so far in 2011
. The stock closed Tuesday at $71.92. It was rising almost 6% in premarket trading Wednesday.
-- Written by Alexandra Zendrian
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Alexandra Zendrian
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