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Deere reports 4Q loss
Published Wednesday, November 25, 2009 at 07:22 AM
MOLINE, Ill. (AP) _ Deere and Co. says big charges and lower sales of farm and construction equipment amid the economic downturn left it with a $223 million loss for the fourth quarter. But Deere, which is based in Moline, Illinois, said Wednesday that it would have been profitable without the unusual items in the three months ended Oct. 31. The company says its loss amounted to 53 cents a share in contrast to a profit of $345 million, or 81 cents a share, a year earlier. The loss included charges of $321.8 million for a write-down in the value of assets and restructuring expenses. Otherwise, Deere would have earned 23 cents per share. Analysts were looking for earnings of 3 cents a share before items. Deere says worldwide revenue dropped 28 percent to $5.334 billion. Its shares fell more than 3 percent to $50.50 in premarket trading.

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