Tractor maker Deere cuts forecast as US farmers suffer double whammy
Analyst says new CEO John May is taking a very cautious approach given some of the uncertainties facing farmers
27 November 2019 - 20:53
Chicago — Deere on Wednesday delivered a more cautious outlook than expected for the year ahead as simmering US-China trade tensions and difficult growing conditions keep North American farmers from replacing large equipment, the company’s top moneymaker. The shares tumbled to a six-week low.
Demand for machinery has taken a back seat as trade concerns have farmers worrying about who will buy their products, while financial-services results have come under pressure due to operating-lease losses. Construction equipment purchases are also set to decline...
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