Deere -4% after trade war guidance cut

|About: Deere & Company (DE)|By:, SA News Editor

Net income of $1.135B in the fiscal second quarter, or $3.52 per share, compared with net income of $$1.208B, or $3.67 per share a year ago.

Worldwide net sales increased 6% Y/Y to $11.3B. Segment Sales: Equipment +5%; Agriculture & Turf. +3%; Construction & Forestry +11%.

“Ongoing concerns about export-market access, near-term demand for commodities such as soybeans, and a delayed planting season in much of North America are causing farmers to become much more cautious about making major purchases," CEO Samuel Allen declared.

Lowered outlook: Net sales are now projected to increase by about 5% (from a prior 7%) for fiscal 2019, with net income attributable to the company forecast to be about $3.3B (from $3.6B).

DE -4% premarket

FQ2 results

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