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Deere equipment sales decline 3% amid trade war uncertainty


Deere & Co. reported third-quarter earnings today that missed analysts’ expectations and the company lowered sales guidance for the full year, saying farmers were delaying purchases because of uncertainty around the trade war, CNBC reported

Deere reported adjusted earnings of $2.71 per share on $8.97 billion in revenue. Analysts expected $2.85 in earnings per share and $9.39 billion in revenue, according to Refinitiv. The stock, already down 13% this month, was lower by another 0.5% in premarket trading today. 

Equipment sales declined 3% compared with the same quarter last year. The decline was due mainly to the company’s Agriculture and Turf segment, which saw sales decline 6%. 

“John Deere’s third-quarter results reflected the high degree of uncertainty that continues to overshadow the agricultural sector,” Samuel Allen, chairman and CEO, said in a statement. “Concerns about export-market access, near-term demand for commodities such as soybeans, and overall crop conditions have caused many farmers to postpone major equipment purchases.”

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