One of Iowa’s largest employers now says its financial picture is much brighter than earlier predictions. Deere and Company spokesman Greg Derrick says earnings for the fourth quarter, which ended October 31st, will be up multi-millions, instead of only breaking even, as forecast. Deere expects to report at least 63-million dollars in net income for the fourth quarter. Income for the full year would be around 315-million. The future looks even better, according to Derrick, who says Deere is also putting out new projections for 2003. Deere expects an increase in sales in 2003 by eight to ten percent, roughly one-billion dollars, compared to 2002. Net income next year should be in the neighborhood of five-to-600-million dollars. Derrick could not address the cause of the change in projections, he says they’re trying to assess that now. Quad Cities-based Deere makes a variety of equipment for agricultural use, lawn and garden and the construction industry.
You are here: / / Deere says financial picture getting greener