Deere 3Q Profit Falls As Equipment Sales Decline
Deere’s third-quarter profit fell 15% and the farming equipment maker thinks the same weak sales in the U.S., Canada and abroad will cut into earnings for the year. According to a poll by FactSet, the farming equipment maker earned $850.7 million, or $2.33 per share, which beat expectations of $2.20 per share. Revenue from equipment sales fell to $8.72 billion from $9.32 billion. Deere & Co.’s expects a 2014 profit of $3.1 billion, down slightly from forecasts in given this spring.
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