Deere: oh Deere, global trade weighs

(CercleFinance.com) - On Friday, Deere, the world's leading manufacturer of agricultural machinery, announced quarterly results that are below expectations and reduced its FY earnings target, due to uncertainty surrounding international trade relations.


The Moline (Illinois) based group reported net income, group share of 889 million dollars, or 2.81 dollars per share, in Q2, versus 910 million dollars (2.78 dollars per share) a year earlier.

Analysts were expecting EPS of 2.85 dollars.

The group's sales slipped 3% to 10 billion dollars.

In its statement, Deere says it has suffered from concerns over import/export markets, including soybeans, which are influencing farmers to delay their purchases of equipment.

The group now expects FY net income of 3.2 billion dollars, against a previous forecast of 3.3 billion dollars.

The Deere share, which has down 3.5% YTD, is down another 3.3% Friday in pre-market trading after this publication.


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