Deere & Co on Friday missed quarterly profit estimates for the fifth-straight qu...
- Deere & Co on Friday missed quarterly profit estimates for the fifth-straight quarter and cut its full-year outlook, as an escalating U.S.-China trade war threatens to further hit farm incomes and demand for Deere’s equipment.
U.S. agricultural exports are likely to suffer, as the world’s two largest economies level escalating tariffs on each other’s imports in the midst of negotiations. "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," Chief Executive Officer Samuel Allen said in a statementDeere, which gets nearly 60% of its sales from the United States and Canada, said it now expects full year equipment sales to rise by 5 percent, compared with a 7 percent rise, it had previously...
Some U.S. company executives have warned that costs related to the latest round of tariffs on goods from China will be passed along to consumers in the form of higher prices.
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