Deere earnings down 27 percent - KWWL - Eastern Iowa Breaking News, Weather, Closings

Deere earnings down 27 percent

MOLINE, ILLINOIS. (AP) -- Earnings are down 27 percent at Moline-based Deere & Co., but the results reported Wednesday by the world's largest maker of farm equipment still easily beat Wall Street exectations.

Deere has faced dwindling demand for its products as farmers and other customers spend less on equipment due to tough economic conditions and weaker crop prices. Tight credit markets in some developing countries have made it difficult for potential customers to finance purchases of the company's products.

Deere says it earned $420 million, or 99 cents per share, in the third quarter. That's down from $575.2 million during the same period last year. Revenue fell 24 percent to $5.89 billion.

Analysts surveyed by Thomson Reuters expected a profit of 57 cents per share on revenue of $5.25 million.

Online Producer: Jason Mortvedt

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