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Deere Earnings Decline in First Quarter

Deere and Company

Profits fell for Deere and Company in the first quarter, but still beat expectations on Wall Street. This morning, the company reports it earned $254 million, or 80 cents per share, compared to $1.12 last year. Before this morning's report, the consensus among analysts was 71 cents per share. 

Spokesman Ken Golden says worldwide net sales dropped 13 percent, to $5.5 billion, compared with $6.3 billion last year. But, the company remains profitable. 

Golden says the first-quarter results reflect the down-turn in the global market and weakness in construction equipment sales. Ag equipment sales dropped 12 percent for the quarter, while construction and forestry sales fell 23 percent.

Deere predicts it will earn $1.3 billion for the full year, with sales dropping 10 percent. Previously, the company predicted sales would drop 7 percent.