Deere cuts profit forecast
Wednesday, August 13, 2014 10:53 AM
Moline, Ill.-based Deere & Co. cut its fiscal-year profit forecast and said today that it will scale back production as record crops weigh on grain prices and deter spending by U.S. farmers, Bloomberg reported. Net income in the year ending Oct. 31 will be about $3.1 billion, Deere said in a statement, down from a May projection of about $3.3 billion. Deere said agricultural equipment sales will be flat or worse in each of its regional segments, with a decline of about 10 percent seen in the United States and Canada, which together are the company's largest market.