Deere Falls In Pre-market After Cutting Annual Profit Outlook

(RTTNews) - Shares of Deere & Company (DE), a manufacturer of farm machinery and industrial equipment, were falling more than 5 percent in pre-market on Thursday to $392.58, after lowering full-year profit outlook.

The company now expects net income to be about $7 billion for the year, down from the previous outlook of $7.50 billion to $7.75 billion.

For the second quarter, profit declined to $2.37 billion, or $8.53 per share from $2.86 billion, or $9.65 per share, in last year's second quarter. Analysts on average had expected the company to earn $7.86 per share, according to figures compiled by Thomson Reuters.

Revenue for the quarter fell 12.4 percent to $15.235 billion from $17.387 billion last year. The consensus estimate was for $13.28 billion.

Deere shares had closed at $414.02, up 0.30 percent on Wednesday. The stock has traded in the range of $345.55 - $450.00 in the last 1 year.