Deere 1Q profit falls 45%

Deere 1Q profit falls 45%

There are 2 comments on the Chicago Tribune story from Feb 18, 2009, titled Deere 1Q profit falls 45%. In it, Chicago Tribune reports that:

Deere & Co.'s first-quarter earnings dropped 45 percent -- significantly below Wall Street forecasts -- as profits were dragged lower by the deepening global recession, higher raw-material costs and unfavorable ...

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Marty McFly and Biff

Buffalo Grove, IL

#1 Feb 18, 2009
Nice misleading headline.....for most dummies.

Profits fell 45%!!!!!

Oh, God! We can't have that. Wait a second, they didn't lose 45%, they MADE 45% less.

Aiken, SC

#2 Jun 19, 2009
In 2008 Deere paid its CEO $63,000,000 or $64,000,000, the year before he was paid $53,000,000;
employees received last year record bonuses of 17%. Highest ever. Marty you are absolutely right "Nice misleading headline.....for most dummies". The reason they are reporting it this way is: The lawsuit filed against Deere by about 5000 retirees who had their Deere health benefits cut. The cost of covering this group of retirees would have been less then 20% of the CEO's pay. Continued Deere Health care after the age of 65 was part of the Deere retirement package they were promised. The reason they did it is: They claim the law allows them to renege on their agreement. Buy the way isn't it discriminatory to select one group only?(This is a group of none union that retired after April 1 2000, most of the retirees took the early retirement Deere offered in 2001, again with promise to provide health care insurance after age 65.) They also cut a life insurance policy although small but that too was part of the agreement.)

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