Deere & Co. Q3 Profit Down; Cuts FY14 Profit View - Quick Facts

(RTTNews) - Agricultural machinery maker Deere & Co. (DE) reported that its net income attributable to the company for the third quarter ended July 31 2014 declined to $850.7 million or $2.33 per share, from $996.5 million or $2.56 per share in the same quarter of 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $2.20 per share for the quarter. Analysts' estimates typically exclude special items.

Worldwide net sales and revenues decreased 5 percent to $9.50 billion from $10.01 billion in the prior year quarter. Wall Street analysts had a consensus revenue estimate of $8.75 billion for the quarter.

For 2014, the company now expects net income attributable to the company to be about $3.1 billion. Company equipment sales are now projected to decrease about 6 percent for fiscal 2014 and to be down about 8 percent for the fourth quarter compared with the year-ago periods. Included is an unfavorable currency-translation effect of about 1 percent for the year.

The company said in May that it expected net income attributable to the company for the fiscal year 2014 to be about $3.3 billion. Company equipment sales were projected to decrease about 4 percent for fiscal 2014 compared with the year-ago period.

Although Deere's full-year earnings are forecast to be somewhat lower than in 2013, Allen said the company is looking forward to completing another successful year and continues to believe the longer-term outlook for its businesses holds considerable promise.