Deere reports lower quarterly earnings


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

Daniel Acker | Bloomberg | Getty Images

Shares of Deere dropped on Wednesday after the manufacturing company issued lower guidance as trade tensions continue to slow equipment purchases by farmers.

The Moline, Illinois-based company said it now expects net income of $2.7 billion to $3.1 billion in fiscal 2020, lower than average analyst estimates of $3.5 billion for the year, according to Refinitiv.

Deere said it sees agricultural equipment sales falling between 5% and 10% in fiscal year 2020. Construction equipment sales are expected to decline as much as 15% next year, the company said.


Source cnbc.com

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