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As on: Sep 16, 2019 05:52 PM
Deere Cuts Profit Outlook, Highlights Cautious Among Farmers
17-May-19   17:37 Hrs IST
The global agricultural, construction and forestry machinery major Deere & Co reported a lower-than-expected quarterly profit and cut its full-year outlook. Deere said it now expects full year equipment sales to rise by 5%, compared with a 7% gain it had previously expected. The company cut its fiscal 2019 profit outlook to $3.3-billion, from its prior forecast of $3.6-billion. Net income attributable to Deere & Co slipped to $1.14-billion, or $3.52 per share, for the second quarter ended April 28, from $1.21-billion, or $3.67 per share, a year earlier. Net sales went up 5.4% to $10.27-billion. Ongoing concerns about export-market access, near-term demand for commodities such as soybeans, and a delayed planting season in much of North America are causing farmers to become much more cautious about making major purchases, Chief Executive Officer Samuel Allen noted in a statement.

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