Farming manufacturer John Deere sinks as trade war takes its toll on agricultural orders
Farm equipment provides a backdrop as U.S. President Donald Trump takes the stage to deliver remarks on agriculture Kirkwood Community College in Cedar Rapids, Iowa.John Deere, the farming equipment manufacturer, sank after announcing its projected net income would be lower than analysts expected.
Deere's stock fell 5.3% in opening trading at 9:30 a.m. in New York, after saying its full-year fiscal 2020 forecast would be $2.7 billion to $3.1 billion, compared to the $3.46 billion average analyst estimate collected byThe fall wiped roughly $3 billion from Deere's market cap of $55.62 billion at Tuesday's close after the stock rallied just shy of 20% since the start of the year.
Deere also had a negative outlook for 2020 in both agriculture and turf, and construction and forestry segments. Agriculture and turf sales are expected to decline 5-10%, while construction and forestry is expected to fall 10-15%. Deere reported net income of $2.27 per share for the quarter, compared with $2.42 per share in the same period last year.
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