MOLINE -- Deere is reporting a 9.5 percent decline in second-quarter net income on lower demand for farming equipment.
With farmer income projected to decline, Deere says sales of agriculture and turf equipment could fall about 7 percent this year. The company expects a 4 percent drop in equipment revenue for fiscal 2014, the same decrease it's expecting for the current quarter.
Contact information ( * required )
While the company beat Wall Street expectations on both profit and revenue, shares slid about 1 percent before the opening bell Wednesday.
Net income fell to $980.7 million, or $2.65 per share, compared with $1.08 billion, or $2.76 per share, in the same quarter a year ago.
Revenue fell 8.9 percent to $9.95 billion.
Shares of the Deere & Co., based in Moline, slipped $1.11 to $92.50 in premarket trading.