One of America’s oldest agricultural companies has cut its full-year profit forecast for a second time as farmers, who are battling declining prices for their crops, buy fewer tractors and other equipment.
Deere & Company was founded in Illinois in 1837 by John Deere, the name under which it trades. It cut its profit outlook to $7 billion from a previous range of $7.5 billion to $7.75 billion. Initially, the company had forecast a 2024 profit between $7.75 billion and $8.25 billion.
John Deere beat second-quarter estimates, but net income nonetheless was down by 17 per cent to $2.37 billion and net sales were 15 per cent lower at $13.61 billion in the three months to April 28.
Farm income is expected to fall by
