A weakened farm economy and energy industry has led to Deere & Company to reduce is fiscal 2015 profit forecast.
Bloomberg reports the move is in response to lower grain prices and lower sales of construction machinery.
Deere now sees total equipment sales falling 21 percent for the year, worse than an earlier projection for a 19 percent decline. Net income for the year through October will be about $1.8 billion, the Moline, Illinois-based company said in a statement.
That’s less than the $1.9 billion that Deere forecast in May.
