NEWS
Deere's Profit Falls 9.5%
Wed May 14, 2014 02:27 PM CDT

(Dow Jones) -- Deere & Co.'s fiscal second-quarter profit fell 9.5%, as demand for farm tractors and harvesting combines remained under pressure from farmers' increasing reluctance to buy new equipment.

Deere's profit from the quarter topped expectations as the world's largest seller of farm machinery trimmed its overhead costs and benefitted from lower taxes. But the Moline, Ill.,-based company pared its equipment sales outlook further from its February estimate, while reiterating its earlier income forecast.

After years of purchasing machinery at record volumes, farmers are taking a breather. Last year's bumper harvests of corn and soybeans in North America pushed ...

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