Deere Cuts Forecast as Wet Weather Slows Construction
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Deere & Co., the world’s largest agricultural-equipment maker, cut its full-year equipment sales forecast after cold, wet weather slowed demand for construction and turf-care machinery in North America.
Equipment revenue will rise by about 5 percent in the year through October, the Moline, Illinois-based company said today in a statement, down from a February forecast of 6 percent. Global construction and forestry equipment sales will drop by about 5 percent, compared with a previous projection for a 3 percent increase. Deere also said the effect of unfavorable foreign exchange will curb sales by about 1 percentage point.