John Deere cautious on 2013
22 November 2012
US manufacturer John Deere forecast an +8% rise in full-year construction and forestry equipment revenues for 2013 – due in part to an expected modest improvement in US economic conditions.
The forecast came after the manufacturer reported revenues of US$ 6.4 billion from the division for the 12 months to 31 October, 2012, a jump of +19% compared to the same period in 2011. The construction and forestry division’s operating profit was also up +21% to US$ 476 million.
John Deere said the results were boosted by higher prices and volumes – factors which were partially offset by increased production costs, expenses and raw-material prices.
Commenting on the group outlook, chairman and CEO Samuel Allen said, "John Deere remains well-positioned to carry out its growth plans and capitalise on positive long-term trends, even though present global economic and fiscal concerns warrant continued caution.”