Deere Cuts Profit Forecast as Commodities Decline
Deere Tops 3Q Estimates, Cuts Full-Year Profit Forecast
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Deere & Co., the world’s largest farm equipment maker, reduced its fiscal 2015 profit forecast as lower crop prices weakened the farm economy and the energy industry bought less of the company’s construction machinery.
Net income for the year through October will be about $1.8 billion, the Moline, Illinois-based company said Friday in a statement. That’s less than the $1.9 billion that Deere forecast in May and the $1.92 billion average of 11 analysts’ estimates compiled by Bloomberg. The shares fell the most in six years.