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  • Parent Category: News

Deere cuts 2013 sales growth guidance

(AP) -- Deere & Co. said on Wednesday that bad weather and weak economies will hinder sales growth this year.

The company reported better-than-expected second-quarter earnings and maintained its full-year profit prediction, but the outlook lowered Deere's stock price in premarket trading.

Deere makes farm and construction equipment, and said sales of that gear would rise 5 percent during the current fiscal year, which is now half over. It had previously predicted growth of 6 percent.

The reduced sales expectation came after a long, cold winter in North America delayed the planting of this year's seeds. It also slowed construction work and reduced demand for turf-care equipment, the company said.