Deere Keeps Annual Profit Target After Q2 Earnings Beat
Deere maintained its annual profit forecast despite beating quarterly estimates. Shares fell as weak farm equipment demand offset growth in the construction unit.
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DEERE & CO maintained its full-year profit forecast at $4.5 billion to $5 billion despite beating second-quarter earnings estimates on Thursday. The manufacturer is struggling with weak demand for large tractors as low crop prices force farmers to delay equipment upgrades. Investors sold off the stock, sending shares down 7.5% to a four-month low following the guidance update.
