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John Deere Reports Second Quarter Earnings


Earnings for Deere and Company fell in the second quarter, but less than predicted.  Friday it reported net income of 495 million dollars for the quarter ending April 30, or $1.56 per share - 10 cents higher than analysts had predicted. 

One year ago, earnings were $2.03.

Spokesman Ken Golden blames the combination of a global farm recession and weakness in demand for construction equipment. 
Worldwide sales and revenue dropped 4 per cent to 7.8 billion dollars. 

At the end of the first quarter, Deere predicted full-year sales would drop 10 per cent, but now is forecasting a 9 per cent decline. 

We now predict ag equipment will go up a bit but construction sales will fall some more.

Worldwide equipment sales fell 4 per cent in the second quarter - including a 6 per cent drop in North America, but just 1 per cent in Deere's other markets.