Shares of Deere fell 0.8% in premarket trade Wednesday after the farm and construction equipment maker lowered its profit outlook amid declines in equipment sales and demand for agricultural products. For the quarter ending July 31, profit came to $850.7 million, or $2.33 a share, down from $996.5 million, or $2.56 a share in the year-earlier period, and below the average analyst estimate compiled by FactSet of $2.20 a share. Sales for the quarter fell 5% from last year to $9.5 billion, as global equipment sales declined 6%, but were above analyst forecasts of $8.71 billion. For fiscal 2014, Deere expects net profit of $3.1 billion, down from a previous projection of $3.3 billion. "For the balance of the year, the company will be scaling back production in line with demand for our agricultural products," said Chief Executive Samuel Allen. Deere's stock has lost 5.3% year-to-date, compared with a 4.6% gain in the S&P 500.

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