Deere earnings hit by slowing economic growth
NEW YORK (AP) – The effects of a slowing global economy caught up to Deere & Co. in its fiscal third quarter, as its net income rose 11 percent but fell well short of Wall Street's expectations.
Deere also cut its revenue prediction for the year, and investors reacted strongly. Shares dropped more than 6 percent for their biggest daily decline in a year.
Delays in production lines also hurt the world's largest producer of agricultural equipment. Ongoing drought in the Midwest had a minimal impact, executives said in a conference call with analysts.
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