Farm-equipment makers brace for softer ground ahead

Article Abstract:

The farm equipment industry in the US is expecting to experience trouble following a lengthy boom period. Farm income for 1998 is expected to drop. This is forcing tractor and combine manufacturers to prepare for what could be their poorest fall selling period since 1993. The fall of 1998 could mean the end of a farm industry equipment boom. Companies such as Case Corp. and Deere & Co. said they would reduce production of its farm equipment for the 1998 fourth-quarter.

Comment:

Farm equipment industry in the US expecting to experience trouble following a lengthy boom period

Marketing procedures, Farm Machinery

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3M expects earnings to decline due to Asia's turmoil

Article Abstract:

Minnesota Mining and Manufacturing Co. (3M) warned Wall Street of disappointing sales in Asia. 3M said the strength of the U.S. dollar and the weakness in Japan and Asia lowered its earnings by 10%. Predicted currency devaluations in Japan, China and Hong Kong could bring sales down further. 3M's domestic sales were unable to offset the crises in Asia. The company said that the delay of its new product inititive "Pacing Plus" also hurt revenue.

Comment:

3M said the strength of the U.S. dollar, weak Asian economy lowered its earnings by 10%

Diversified Companies, 3M Co.

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Deere posts gain of 15% in profit; output to be cut

Article Abstract:

Deere & Co. reported a rise of 15% in its net income for the third-quarter of 1998. However, the company announced that it would reduce farm equipment production because of lower demand from US farmers for machinery. Deere posted $290.8 million in net income for the period ending July 31, 1998. During the same period in 1997, the company posted $252.7 million in net income.

Comment:

Deere & Co. reports rise of 15% in its net income for the third-quarter of 1998

Farm & Garden Equipment, Deere & Co.

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