Earnings

Deere shares drop after tractor maker cuts forecast, citing ‘lingering trade tensions’

John Deere & Co. wheel loaders sit outside at Martin Equipment in Rock Island, Illinois.

Daniel Acker | Bloomberg | Getty Images

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.

For the quarter ended on Nov. 3, it reported an adjusted profit of $2.14 per share, down from $2.30 per share last year. That compares with average analyst estimates of $2.13 per share, according to Refinitiv Eikon data.

The Moline, Illinois-based company said it expects net income of $2.7 billion to $3.1 billion in fiscal 2020.

Products You May Like

Articles You May Like

Stocks making the biggest moves midday: Wayfair, Meta, Apple, Spotify, Qualcomm and more
Generation X carries the most credit card debt, study shows. Here’s how to get those balances down
Top Wall Street analysts pick these stocks to climb 2023’s wall of worry
BlockFi secret financials show a $1.2 billion relationship with Sam Bankman-Fried’s crypto empire
IRS warns tax refunds may be ‘somewhat lower.’ With high inflation, that’s a ‘double whammy’ for families, says advisor

Leave a Reply

Your email address will not be published. Required fields are marked *