Farm-equipment manufacturer Deere & Co. said Wednesday its third-quarter net income increased by 11 percent to $1.98 per share from $1.69 per share a year ago, falling below analyst expectations.þþAnalysts expected earnings of $2.32 per share, a 37 percent jump from a year ago.þþÿAlthough a strong quarter, we are not satisfied that sales fell short of our expectations due to weakening in certain international markets and short-term manufacturing inefficiencies resulting from the introduction of a record number of new products,ÿ Samuel R. Allen, chairman and chief executive officer said in a statement.þþThe Moline-based company said revenues increased by 15 percent to $9.6 billion from $8.4 billion.þþDeere lowered its full-year net income forecast to $3.1 billion from $3.4 billion. With an ongoing drought, sales of tractors and combines from Deere could slip in 2013 as farmers hold on to cash.þþShares fell by more than 5 percent to $76 per share in premarket trading.þþ
Source: Chicago Tribune
