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July 2010 Business News
Business updates from Ritchie Bros., John Deere, Miller Pipeline, CONTECH, WilsonMiller, Sukut Construction, AEM, Dexter + Chaney, Spectrum Construction Software, GEI Consultants and Cardno TBE, plus web exclusives from Ledcor, EPRI, PPI Solutions and Millennium Pipeline.
Ritchie Bros. Auctioneers, Vancouver, British Columbia, Canada, celebrated the grand opening of its new St. Louis permanent auction site, located in the village of Caseyville, IL, with an unreserved public auction on June 29. Company officials and Caseyville Mayor George Chance participated in a ribbon-cutting ceremony to officially mark the opening of the new St. Louis auction site, which will be the company's 42nd auction site globally.
The new 67-acre auction site, with 40 acres currently developed, is located along I-64. It has a 13,550-square-foot auction building with indoor seating for more than 300 people. 800.211.3983, www.rbauction.com
Deere & Co. reported second-quarter net income or $547.5 million, compared with $472.3 million for the same period last year.
Worldwide net sales and revenues increased 6 percent, to $7.131 billion, for the second quarter. Net sales of the equipment operations were $6.548 billion for the quarter, compared with $6.187 billion for last year’s second quarter.
While sales of large farm machinery, particularly in the United States and Canada, are making a significant impact on the company’s performance, construction and forestry shipments are rebounding from historic lows, according to Samuel Allen, chairman and CEO.
Deere's equipment operations reported operating profit of $988 million for the quarter and $1.303 billion for six months, compared with $628 million and $935 million last year.
Net income of the company’s equipment operations was $454 million for the quarter and $623 million for six months, compared with $406 million and $560 million for the respective periods last year.
Company equipment sales are projected to be up 11 to 13 percent for fiscal 2010 and up 21 to 23 percent for the third quarter compared with the same periods a year ago. Included is a favorable currency-translation impact of about 3 percent for the year and about 2 percent for the quarter. For the full year, net income for Deere is anticipated to be about $1.6 billion.