Deere net profit down, but above expectations
Farm equipment maker Deere & Co posted a sharply lower quarterly net profit on Friday as a weak global agriculture sector hurt sales, but the earnings topped market expectations, Reuters reported. The Moline, Ill.-based company reported a profit of $690.5 million, or $2.03 per share, for its second quarter ended April 30, down nearly 30 percent from $980.7 million, or $2.65 per share, a year earlier. Analysts expected earnings per share for the quarter of $1.55.
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