Business

Deere sees farm slowdown; projects sales decline

By Joshua Freed
Published February 12, 2014 4:08pm ET
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Deere sees farm slowdown; projects sales decline
FILE - In this April 2, 2012 file photo, Derek Long uses a John Deere tractor to disk and cultivate a field in preparation for planting corn in Loami, Ill. Deere & Co. reports quarterly earnings on Wednesday, Feb. 12, 2014. (AP Photo/Seth Perlman, File) | Seth Perlman

MINNEAPOLIS (AP) — Deere & Co. said its first-quarter net income rose almost 5 percent, but it projected a slowdown in sales of farm equipment this year.

High crop prices in recent years have put money into farmers’ pockets and driven a boom in demand for Deere’s tractors and other motorized farm gear.

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Agriculture