Deere reports lower quarterly earnings

CHICAGO: Deere & Co. on Wednesday reported lower fourth-quarter earnings, hurt by trade tensions as well as poor weather in the U.S. farm belt that have slowed equipment purchases by farmers.

For the quarter ended on Nov. 3, it reported an adjusted profit of US$2.14 per share, down from US$2.30 per share last year. That compares with average analyst estimates of US$2.13 per share, according to Refinitiv Eikon data.The Moline, Illinois-based company said it expects net income of US$2.7 billion to US$3.1 billion in the fiscal 2020.

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