Deere Profit Declines 16 percent; Shares Drop on Forecast

Deere & Co. said second-quarter profit fell 16 percent and forecast third-quarter earnings that trailed analysts' estimates.

The shares fell 1.9 percent after the Moline, Illinois-based company said net income declined to $623.6 million, or $2.72 a share, from $744.6 million, or $3.13, a year earlier. Revenue grew 4.9 percent to $6.88 billion, Deere said in a statement.

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