Deere's Profit Slides on Weak Farm Economy

Earnings Reuters

Deere & Co posted lower quarterly profit on Wednesday, but still topped estimates, as strong sales of construction and forestry equipment offset declining sales of tractors, harvesters and other farm machinery.

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The company reported a fiscal third-quarter net profit of $850.7 million, or $2.33 a share, compared with $996.5 million, or $2.56 a share, during the comparable quarter last year.

Sales fell 5 percent to $9.5 billion.

Analysts, on average, expected Moline, Illinois-based Deere to post a profit of $2.22 a share on sales of $8.75 billion, according to Reuters estimates.