Deere Cuts Forecast as Equipment Sales Slow in Asia
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Deere & Co. cut its full-year profit forecast as sales slow in Asia and Latin America, undermining the growth strategy at the world’s largest manufacturer of agricultural equipment.
Net income in the year ending Oct. 31 will be $3.1 billion, Moline, Illinois-based Deere said today in a statement. That compares with its May forecast of $3.35 billion and the $3.33 billion average of 15 analysts’ estimates compiled by Bloomberg. The shares dropped the most in a year.