Deere beats estimates with $997 million in Q3 income
Deere & Company outpaced the expectations of analysts with its third quarter earnings. The company made $997 million in net income, a 26% year-over-year increase.
Net sales, which experienced a 4% gain, were at $10.01 billion.
According to the company, the performance boost is largely attributed to robust sales in farm machinery and financial services, with sales and income higher than any previous third quarter period.
"John Deere is well on the road to another year of impressive performance after reporting record third-quarter results," said chairman and CEO Samuel R. Allen. "Deere’s success is a reflection of considerable strength in the farm sector, especially in North and South America. We also are making further progress executing our wide-ranging operating and marketing plans, which call for expanding our global market presence while keeping a close watch on costs and assets."
The company expects full-year income to reach $3.45 billion, but according to Reuters, some analysts predict that Deere has "reached a high-water mark." Deere had lowered its outlook for 2013 revenue earlier this year, and while the new full-year expectation reverses that trajectory, the new outlook also implies a lower-than-expected fourth quarter turnout.
Nardelli considered for Office Depot chief
Former Home Depot CEO Bob Nardelli, the hard-charging executive with a reputation for a top-down management style, is among the candidates for the top executive post at Office Depot and OfficeMax.
According to an article in the WSJ, the combined office products company hopes to name its CEO by September.
Nardelli left Home Depot in January of 2007 amid a clash with the board of his pay. He is the former CEO of Chrysler, and he currently serves as an advisor for private-equity firm Cerberus.
Ferro to Fight for Charity
Sal Ferro, president and CEO of Alure Home Improvements, is one of more than 20 New York area business professionals who are boxing for charity in the 10th Long Island Fight for Charity.
The bouts are scheduled for Nov. 25.
Alure Home Improvements weighed in as the major sponsor for Fight for Charity. Ferro will be pitted against other local business professionals during the charitable sporting event, which will consist of 10 bouts.
Ferro has very limited boxing experience, but he is no stranger to charity. He contributed to eight renovations for "ABC’s Extreme Makeover: Home Edition" television show.
Fight for Charity is a regional fundraising and networking event with more than 1,200 people expected in attendance this year, and this year’s event projected to raise more than $200,000 to support members of the community through The Long Island Community Chest.