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Deere profit falls on slowed farm equipment sales
(Reuters) - Deere & Co, an agriculture and construction equipment maker, posted higher-than-expected quarterly earnings on Wednesday even as weak global demand for farm equipment and soft commodity prices pressured sales.
The company forecast sales to be down about 7 percent in the new fiscal year, with net income attributable to Deere at about $1.4 billion.
Net income attributable to Deere fell to $351.2 million, or $1.08 per share, in the fourth quarter ended on Oct. 31, compared with $649.2 million, or $1.83 per share, a year earlier.
Analysts on average had expected a profit of 75 cents per share, according to Thomson Reuters I/B/E/S.
Equipment for sale is seen at a John Deere dealer in Denver May 14, 2015. REUTERS/Rick Wilking
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