MOLINE, Ill. – Deere's third-quarter profit fell 15 percent and the farming equipment maker thinks the same weak sales in the U.S., Canada and abroad will cut into earnings for the year.
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The farming equipment maker earned $850.7 million, or $2.33 per share, which beat expectations of $2.20 per share, according to a poll by FactSet. A year earlier the Moline company earned $996.5 million, or $2.56 per share.
Revenue from equipment sales fell to $8.72 billion from $9.32 billion. Total sales and revenues, which includes financial services and other revenues, declined to $9.5 billion from $10.01 billion.
Wall Street predicted revenue of $8.71 billion.
Equipment sales for the U.S. and Canada dropped 8 percent.
Deere & Co.'s expects a 2014 profit of $3.1 billion, down slightly from forecasts in given this spring.