Deere falls after cutting profit forecast
Net income of $386.8M, or $1.12 per share vs. $681.1M, or $1.81 per share, for the same period of 2013.
Net sales decreased 17% Y/Y to $6.4B from $7.7B in the same quarter a year ago. Segment Sales: Agriculture & Turf. -27%; Construction & Forestry +13%.
For fiscal 2015, the company now expects equipment sales to decrease 17%, and to be down ~19% for the second quarter compared with year-ago periods. The company also lowered its net income forecast to $1.8B from $1.9B.
"Even with a continued pullback in the agricultural sector, John Deere expects to remain solidly profitable in 2015," said CEO Samuel Allen. "Longer term, the company's future continues to hold great promise for customers and investors."
Q4 results
DE -1.3% premarket
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