Deere & Company (NYSE:DE) posted mixed third-quarter results and trimmed its full-year profit forecast.
The heavy machinery maker reported earnings per share of $4.75, beating the consensus of $4.67. It reported a 9% decline in quarterly sales to $12.02 billion, beating the consensus of $10.31 billion.
Production and precision agriculture sales decreased 16% for the quarter to $4.27 billion as a result of lower shipment volumes and unfavorable price realization.
“By proactively managing inventory, we’ve matched production to retail demand, enabling our company and dealers to respond swiftly to market shifts and customer needs,” said John May, chairman and CEO of John Deere. “By continuing to address the high levels …