Deere & Co., which manufactures sugarcane harvesting equipment in Thibodaux, lost $223 million in the fourth quarter, primarily due to slower farm equipment sales caused by economic concerns, the company reported."Farmers follow the daily news and are as concerned as anyone about the general economy," Susan Karlix, Deere's manager of investor communications, told the Associated Press. "It is one reason farmers are expected to be cautious on farm equipment purchases in the year ahead."
Overall, Deere was profitable in fiscal 2009, which ended Oct. 31. Net income was $873.5 million, or $2.06 per share, compared with $2.053 billion, or $4.70 per share, last year. Read the company's news release here.
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