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Published November 24, 2010, 09:48 AM

Deere reverses 4Q loss as farm conditions improve

MOLINE, Ill. — Farm equipment maker Deere & Co. reversed a loss in last year’s fiscal fourth quarter to report a $457.2 million profit as conditions improved on U.S. farms.

MOLINE, Ill. — Farm equipment maker Deere & Co. reversed a loss in last year’s fiscal fourth quarter to report a $457.2 million profit as conditions improved on U.S. farms.

But the company Wednesday reported continued weakness in some of its regions and market segments, and it said overall demand “remained far below normal levels.”

The Moline, Ill., company says it made $1.07 per share in the quarter that ended Oct. 31. A year earlier, it had a loss of $222.8 million, or 53 cents per share, due to charges.

Revenue for the latest quarter was $7.2 billion, up 35 percent from last year, with strong equipment sales in North America.

Deere beat Wall Street’s estimates. Analysts polled by Thomson Reuters expected earnings of 95 cents per share on revenue of $6.2 billion.

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