reported first-quarter earnings Tuesday that missed Wall Street's slightly lowered estimates by three cents, and lowered its forecast for fiscal 2001 due to the slowing economy.
For its first quarter ended Jan. 31, the maker of farm and industrial equipment earned $56.4 million, or 24 cents a share, up from $37.7 million, or 16 cents a share, in the year-ago period. According to
First Call/Thomson Financial
, 14 analysts expected the company to earn 27 cents a share.
Moline, Ill.-based Deere reported first-quarter revenue of $2.7 billion, up 15% from $2.3 billion in same quarter one-year ago.
The company estimates that adjusted sales, excluding the effects of foreign currency and assuming price stability, will rise 10% in the second quarter and 9% for 2001. A previous forecast from November called for an overall 11% adjusted sales increase for 2001.
Shares of Deere rose 19 cents, or 0.5%, to $41.90 recent
New York Stock Exchange