CHICAGO, Aug 16 (Reuters) - Deere & Co.’s third-quarter earnings on Friday missed Wall Street’s estimates on lower farm equipment sales, prompting the company to revise down its full-year profit and sales growth forecasts.
For the quarter ended July 28, the company reported an adjusted profit of $2.71 per share, up 4.6% from a year earlier. That compared with Refinitiv IBES’ average analyst estimate of $2.85 per share.
Deere now expects full-year net income of $3.2 billion on annual sales up 4%, lower than the $3.3 billion of income on sales up about 5% projected earlier. (Reporting by Rajesh Kumar Singh; Editing by Mark Potter)