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

Business

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.

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