Deere shares rise despite weaker fourth quarter

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Deere's cuts total about 140 in Cary

Deere & Co. has eliminated about 140 jobs in Cary this year as part of a broader restructuring to offset slowing sales.

The company's head count in the Triangle now stands at 710, including 434 at a Fuquay-Varina factory that makes lawn mowers and other turf equipment, and 276 at offices in Cary. Deere announced the merging of two divisions in April that would affect some jobs in Cary but didn't specify how many.

A Deere spokesman disclosed the total cut as the company reported its first quarterly loss since 2002. Sales of tractors, combines and other farm and lawn equipment fell 28 percent, and Deere forecast that 2010 profit would be weaker than analysts expected as the recession weakens demand from farmers in North America and Europe.

Caterpillar 4th-quarter earnings at a glance

Caterpillar Inc., the world's largest maker of construction and mining equipment, said Wednesday that its fourth-quarter profit fell 65 percent to $232 million, or 36 cents per share, as global demand remained weak.

Those quarterly figures beat the 28-cents-per-share earnings analysts expected, but Caterpillar's outlook for 2010 were more cautious than many analysts predicted. The company predicted sales will rise 10 percent to 25 percent this year to generate about $2.50 profit per share.

Caterpillar, which generates more than 60 percent of its sales overseas, expects more growth to come from developing countries such as China and India.

Building slump saps Martin Marietta

Martin Marietta Materials reported that sales and profit fell during the second quarter, as the economic downturn eroded construction activity, weakening demand for its products.

The Raleigh company produces rocks, gravel and other construction materials out of nearly 300 quarries in 28 states.

Last month, company officials warned that 2009 earnings would be less than initially expected, hurt by delays in infrastructure spending and the recession. That eased the shock on Wall Street, where investors boosted Martin Marietta's shares on Tuesday.

Caterpillar 4Q profit tumbles; cautious outlook

Caterpillar said Wednesday that its fourth-quarter profit tumbled as demand remained weak, but the maker of mining and construction equipment expects sales to rebound in 2010 as the economy improves and dealers replace inventory.

Leading the way will be China and other developing countries where an increasing share of the company's yellow-and-black machinery is sold.

Though sales will likely pick up sharply next year, Caterpillar's profit expectations for the year, about $2.50 per share, fall short of what many analysts were looking for.

Xcel Energy earnings up 3 percent in 4th quarter

Electric and natural gas company Xcel Energy Inc. said Thursday that its fourth-quarter profit improved nearly 3 percent as higher electricity rates in several states where it operates helped offset lower sales caused by the economy and increased conservation efforts.

Xcel said it made $167.8 million, or 37 cents per share, in the quarter ended Dec. 31 compared with $163 million, or 36 cents per share, in the year ago quarter. Revenue fell to $2.62 billion in the quarter from $2.71 billion in the year-ago quarter.

Xcel, like other utilities across the country, reported weaker demand for electricity during the quarter and for all of 2009 as commercial and industrial customers scaled back operations because of the recession.