Deere's Profit Outlook and Stock Slide Amid Crop Slump
Originally Published 1 year ago — by Yahoo Finance
Deere & Co. has reduced its annual profit outlook due to falling crop prices, impacting farmers' ability to purchase equipment. The company's net income for the fiscal year is now expected to be between $7.5 billion and $7.75 billion, down from its initial outlook. Deere's shares fell as much as 5.5% following the announcement. The company cited weakening agricultural demand in Europe as a primary driver for the updated outlook and is counting on product advancements, such as AI-powered crop sprayers and autonomous tractors, to attract customers.