Farm equipment maker Deere posted a 43 percent fall in first-quarter profit and cut its full-year profit forecast as lower corn prices and weak farm income weighed on demand for agricultural machinery.
Deere's shares were down 1.9 percent at $90.00 in premarket trading on Friday.
The company, which gets nearly two-thirds of its revenue from farm and turf machinery, cut its 2015 net profit forecast to $1.8 billion from $1.9 billion.
Sales of Moline, Illinois-based Deere's farm and turf machinery are expected to fall 23 percent globally this year, it said. This includes a 4 percent negative impact of a strong dollar. The company earlier forecast a sales fall of 20 percent.