(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.