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Deere’s revenues up 6% in second quarter


TheStreet: Deere & Co. posted weaker-than-expected second-quarter earnings today and lowered its full-year profit outlook as “softening” agricultural market conditions and reduced export market access clouded its near-term forecast. Deere reported net income of $1.135 billion for the second quarter, or $3.52 per share, compared with $1.208 billion, or $3.67 per share, a year ago. Worldwide net sales and revenues increased 6%, to $11.342 billion. Concerns about export market access and a delayed planting season in North America have made farmers more cautious about major equipment purchases, but an overall positive economy has contributed to strong construction and forestry equipment sales, Chairman and CEO Samuel Allen said in a statement. Deere’s overall equipment sales are projected to increase by about 5% for fiscal 2019.

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