Deere 2015 Outlook Misses Estimates as Tractor Sales Fall
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Deere & Co., the world’s largest farm-equipment maker, forecast lower-than-expected earnings for fiscal 2015 as a slump in crop prices means farmers are buying fewer of the company’s most profitable machines.
Net income will be about $1.9 billion in the year through October 2015, Moline, Illinois-based Deere said today in a statement. That missed the $2.19 billion average of 20 analysts’ estimates compiled by Bloomberg. The shares fell as much as 3.9 percent.