Despite missing Wall Street expectations, company executives say they are optimistic about 2013.
Despite missing Wall Street expectations for the fiscal fourth quarter, executives at Deere & Co. say they are proud of the company's performance in 2012 and optimistic about its growth plans for next year.
Farm equipment maker Deere reported a 3% increase in profits, saying earning rose from $669.6 million in last year's fourth quarter ($1.62 per share) to $687.6 million ($1.75 per share) this year.
Revenue also rose from a year ago to $9.79 billion. Last year it was at $8.61 billion.
"Deere remains well-positioned to carry out its growth plans and capitalize on positive long-term trends, even though present global economic and fiscal concerns warrant continued caution," says CEO Samuel Allen in a statement. "We are proud of the company's performance in 2012 and look forward to building on these gains in 2013 and beyond. Despite fragile economic conditions in many regions, we have great confidence in the company's prospects and in our ability to deliver value to investors and other stakeholders in the future."
According to the Chicago Business Journal, the company projects equipment sales to rise by about 5% in 2013, including a 10% increase in the first quarter. Officials at Deere also project earnings to reach $3.2 billion in 2013.