Deere Lowers Outlook on Declining Global Machinery Needs

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Deere Lowers Outlook on Declining Global Machinery Needs

by TheStreet 0:58 mins

Deere Lowers Outlook on Declining Global Machinery Needs

by TheStreet 0:58 mins

Shares of Deere are lower on Wednesday after the company cut its full year revenue guidance. Profit came in at $2.33 a share, that was 13 cents better than expected. Revenue came in at $9.5 billion, nearly 10% better than estimates. Despite the better than expected results, Deere says it expects sales to be stagnant for the rest of the year and lowered its full year revenue guidance. Equipment sales are expected to drop 8% in the fourth quarter and 6% for all of 2014. CEO Samuel Allen said, 'Moderating conditions in the global farm sector [have] negatively affected demand for farm machinery and contributed to lower sales and profits for our agricultural-equipment business.'

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