Deere on Wednesday reported a stronger-than-expected quarterly profit as cost cuts helped offset lower sales of its tractors, harvesters and earth-moving equipment.
But the company also lowered its forecasts for its full-year agricultural equipment sales and for the U.S. construction industry, sending its shares down nearly 2 percent.
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Deere posted a profit of $980.7 million, or $2.65 a share, for the second quarter ended on April 30, down from $1.08 billion, or $2.76 a share, a year earlier. Analysts on average had expected $2.48 a share, according to Thomson Reuters I/B/E/S.