Deere on Wednesday reported lower fourth-quarter earnings, hurt by trade tensions as well as poor weather in the U.S. farm belt that have slowed equipment purchases by farmers.
Daniel Acker | Bloomberg | Getty Imagesdropped on Wednesday after the manufacturing company reported lower fourth-quarter earnings, hurt by trade tensions as well as poor weather in the U.S. farm belt that have slowed equipment purchases by farmers.
Deere reported an adjusted profit of $2.14 per share for the third quarter, down from $2.30 per share last year. That compares with average analyst estimates of $2.13 per share, according to Refinitiv. "Lingering trade tensions coupled with a year of difficult growing and harvesting conditions have caused many farmers to become cautious about making major investments in new equipment," Deere CEO John May said in a statement.
The Moline, Illinois-based company said it expects net income of $2.7 billion to $3.1 billion in fiscal 2020.
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