SURVIVING THE RECESSION: Views from golf course managers, public sector and suppliers
BEST OF BRITISH: Dennis and Sisis, two British brands now together FEATURE: Winter maintenance programme DEALER PROFILE: Longham Garden Machinery, winner of the 2012 Marketing Award COURSE REVIEW: Trump International, winner of 2012 Best New Venue Award ON TEST:Makita brush cutters CONTRIBUTORS INCLUDE Scott MacCallum Chris Biddle James De Havilland Jane McPherson and of course . . Jim Green
The November issue of Turf Pro/Service Dealer is being published w/c 12 November
DEERE CAUTIOUS DESPITE EARNINGS RISE Forecast dip of 5% in European sales
Deere's full-year earnings increased by 9.5 percent from last year but missed expectations for the fourth quarter due to higher production and raw materials costs and lower sales outside of the U.S. and Canada.
"As we all know, the world faces some big economic challenges today ranging from the U.S. fiscal cliff possibilities to euro debt crisis and the slowdown in emerging market economies," Rajesh Kalathur, Deere's senior vice president and chief financial officer said "Today's economic uncertainties are real and troubling and John Deere is taking serious precautions in response."
Berkshire Hathaway, Warren Buffett’s investment vehicle, last week disclosed it had taken a stake in Deere, one of his many investments in traditional manufacturing businesses.
The company, said net income for its fourth quarter was up 3 per cent to $688m on revenue up 14 per cent to $9.79bn.
Costs and expenses for the year rose 15 per cent to $8.67bn. Production delays experienced in the third quarter with the introduction of a new, more complex combine harvester have been resolved, said Deere.
The company expected sales in the coming year in its core agriculture and turf segment to be flat in the US and Canada, where it said the effects of this year’s severe midwestern drought would affect demand in the livestock and dairy industries.
Deere forecast that demand for agriculture and turf equipment would be down 5 per cent in the European Union and about 10 per cent higher in Latin America. Agriculture and turf operating profits for the year rose 14 per cent to $3.92bn on revenue up 13 per cent to $27.1bn.
The 2013 Event Planner in a new, larger size, will once again contain dates of all the national and international industry shows and events. Published with the December issue of Turf Pro/Service Dealer TO ADVERTISE GEORGE MILLER E-mail or 020 3603 7936
