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.
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.