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Deere sees slower growth ahead

The drought and slower global growth are blamed for the downturn in earnings.
Compiled by staff 
Published: Aug 15, 2012
A slowing global economy and the effects of a prolonged U.S. drought caught up to Deere & Co. in its fiscal third quarter, as its net income rose 11 percent but fell well short of Wall Street's expectations.

Deere cut its revenue prediction for the year, and investors reacted swiftly. Shares dropped more than 5 percent before the opening bell.

The ongoing drought in the Midwest, a stronger dollar and costs to introduce a slew of new products hurt the world's largest producer of agricultural equipment.

The Quad Cities-based company, said Wednesday that it earned $788 million, or $1.98 per share for the quarter ended July 31, compared with $712.3 million, or $1.69 per share for the same period last year.

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