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John Deere profit misses on weak international sales

Tags: Deere

Deere & Co (DE-N) the world's largest agricultural equipment maker, reported a lower-than-expected quarterly profit on Wednesday, citing weak sales in China, India and other emerging markets.

The results sent the company's shares down in premarket trading.

Deere said it expected agricultural sales to be "down moderately" this year in India and China, and down 5 percent to 10 percent in South America due to a drought in Argentina.

"Although a strong quarter, we are not satisfied that sales fell short of our expectations due to weakening in certain international markets and short-term manufacturing inefficiencies resulting from the introduction of a record number of new products," Chief Executive Officer Samuel Allen said in a statement.

For the third quarter ended July 31, the company posted net income of $788 million US or $1.98 per share, compared with $712.3 million, or $1.69 per share, a year earlier.

By that measure, analysts on average expected earnings of $2.31 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 15 percent to $9.59 billion. CTV Two CTV News CTV News Channel BNN - Business News Network CP24