Deere raises '12 forecast on profit rise

May 17, 2012 | 04:25 PM | Corinna Petry

Tags  Deere, farm equipment, OEM, heavy equipment, agricultural

CHICAGO — Farm, lawn and forestry equipment maker Deere & Co. has raised its expectations for demand in several global regions after posting record earnings in its second quarter ended April 30.

"Deere is benefiting from a global farm economy that is showing impressive strength and endurance, leading to a big increase in demand for our products," manager of investor communications Susan Karlix said during a conference call with investors Wednesday.

Based on forecasts for acreage planted; commodities futures prices, such as for corn, wheat and soybeans; global food crop tightness; U.S. exports and farmers’ cash receipts, Deere is likely to see a 15-percent increase in fiscal 2012 equipment sales, the company said.....

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