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John Deere 4Q to fall
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September 14, 1998: 10:37 a.m. ET
Farm equipment maker issues earnings warning, predicts strong 1998
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NEW YORK (CNNfn) - John Deere Corp., the world's largest farm equipment maker, said Monday it expects fiscal fourth-quarter financial results to fall below year-ago levels, but predicted double-digit sales and earnings growth for the year.
Analysts are predicting the company will earn roughly 39 cents per share for the fourth quarter.
The company said it expects production volume for the quarter ending Oct. 30 to drop about 5 percent. For the year, however, volume should be up about 8 percent, pushing earnings per share for 1998 to "record levels."
Still, the company said North American industry retail sales of agricultural equipment will be down as much as 20 percent next year due to falling demand.
"In 1998, the company expects to achieve double-digit growth in earnings per share and record sales and earnings, despite a fourth- quarter performance anticipated to be lower than the prior year," the company said.
Shares of John Deere finished unchanged Friday at 33-3/16 on the New York Stock Exchange. 
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John Deere
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