The usa agriculture equipment manufacturer John Deere (DE.US) announced its fourth quarter results for the period ending on the 27th of last month. Quarterly net profit fell 47% year-on-year to 1.245 billion USD, with diluted earnings per share for the quarter at 4.55 USD, exceeding expectations of 3.87 USD. Quarterly net sales and revenue dropped 28% year-on-year to 11.143 billion USD.

The company expects profits for the current fiscal year to be between 5 billion and 5.5 billion USD, which is lower than market expectations of 5.9 billion USD. Net sales are expected to decline by 10% year-on-year.

John Deere's stock price surged 8.1% last night (21st), reaching 437.54 USD.