Deere's 1Q earnings miss Wall Street's estimates

U.S. tractor maker Deere & Co.'s earnings on Friday missed Wall Street's estimates, hurt by higher raw materials and logistics costs as well as by slowing trade between the United States and its partners, particularly China.

For the quarter ended Jan. 28, the company reported an adjusted profit of $1.54 per share, up 14 percent from a year earlier, but below analysts estimates of $1.76 per share, according to Refinitiv Eikon data.

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The U.S. trade showdown with China, one of the biggest export markets for U.S. agricultural products, is further squeezing American farmers whose incomes have been under siege amid a global grain glut.

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The Moline, Illinois-based company said the trade war has made farmers more cautious in making major purchases. It, however, retained its 2019 earnings guidance - full-year net income is expected to be $3.6 billion with a 7 percent annual growth in equipment sales.

(Reporting by Rajesh Kumar Singh; Editing by Mark Potter)