Deere fourth-quarter net profit falls

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NEW YORK (Reuters) - Deere & Co , the world's biggest farm equipment maker, posted a lower quarterly net profit on Wednesday, as lower commercial and consumer demand and sharply lower profit in its financial services division overshadowed higher machinery sales.

The company also said a stronger dollar and a higher tax rate reduced the profitability of its equipment operations, and said it expected flat equipment sales in 2009, adding the outlook was highly uncertain.

The company expects 2009 net income of about $1.9 billion, down from the $2.05 billion in earned for the full fiscal year just ended.

Net earnings fell 18 percent to $345 million, or 81 cents per share, in the fiscal fourth quarter ended Oct 31, compared with $422.1 million, or 94 cents per share a year earlier.

The results included $50 million in expenses for the closing of a plant, and it was not immediately clear whether they were directly comparable with the 99 cents per share analysts had expected, according to Reuters Estimates.

Total revenue was up 21 percent to $7.4 billion, while equipment sales rose 24 percent to $6.74 billion, below Wall Street forecasts for sales of $6.84 billion.

Deere, along with peers Agco Corp and CNH Global NV , have enjoyed strong demand from farmers in recent quarters, but a recent pullback in commodity prices and tough credit conditions have raised questions about how long the boom can continue.

Deere shares are down by 65 percent from their 52-week high on concerns that demand will not improve in 2009.

(Reporting by Nick Zieminski; Editing by Derek Caney)

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