Deere ‘Scaling Back’ Output as It Cuts Forecast
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Deere & Co., the world’s largest agricultural-equipment maker, cut its fiscal-year profit forecast and said it will scale back production as record crops weigh on grain prices and deter spending by U.S. farmers.
Net income in the year through Oct. 31 will be about $3.1 billion, Deere said today in a statement, down from a May projection of about $3.3 billion. The Moline, Illinois-based company also said it now sees equipment sales falling about 6 percent, compared with a May prediction for a 4 percent decline.