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Earnings

August 26, 1992|From Times Staff and Wire Reports

Deere Reports Plunge in Earnings: Deere & Co., the world's biggest farm equipment maker, reported a 71% drop in third-quarter profit. "Despite the current reasonably favorable economic fundamentals of North American agriculture, farmers have remained very cautious in making capital purchases," Deere Chairman Hans Becherer said. The company said earnings fell to $9.1 million, or 12 cents a share, for the three months ended July 31, from $31.3 million, or 41 cents, a year earlier. Revenue slipped 2% to $1.75 billion from $1.79 billion.

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