HIGH AND DRY: A slowing global economy and the effects of a prolonged U.S. drought caught up to Deere & Co. in its fiscal third quarter, as its net income rose 11 percent but fell well short of Wall Street’s expectations.
STORMY FORECAST: It expects those factors, combined with the effects of a stronger dollar, to continue to hurt its results in the near term. Deere sees net income of $3.1 billion for the year ending in October, down from $3.35 billion forecast three months ago.
WHEN IT RAINS: Besides some of its red-hot international markets cooling down and shrinking crop yields in the U.S., Deere says the introduction of a slew of new products reduced its efficiency.
