Deere Combines Units – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/19096/Deere+Combines+Units++-+Zacks+Tale+of+the+TapePosted on Tuesday, April 14th, 2009 | In Market Commentary, Stocks to Watch
Deere & Co (DE) will cut nearly 200 salaried jobs as part of its plan to combine its agricultural equipment division and its commercial and consumer equipment unit.
The company said that both units would be merged into a single agriculture and turf division, starting on May 1. It will result in charges of approximately $25 million in the fourth quarter this year.
Last week, Deere announced a workforce reduction of 160 workers at a facility in Iowa, and in March it shed 325 positions from its construction and forestry division.
In its fourth quarter, DE reported earnings per share of 48 cents, which missed the consensus by 25%. The past 60 days have seen earnings estimates for this fiscal year, ending October 2009, drop 91 cents to $3.31.
DE is a Zacks #5 Rank (”Strong Sell”) company.
Shares of DE are slightly higher today by less than 1%. It is trading on lower-than-normal volume of about 1.18 million shares, compared to the average of almost 6 million.
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