By Jonathan Stempel July 8 (Reuters) - Deere agreed on Wednesday to settle a lawsuit by the Federal Trade Commission and five U.S. states accusing the farm equipment maker of illegally requiring
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Deere posted better-than-expected quarterly sales and profit, but left its profit outlook for the year unchanged as demand for its farm machinery remained weak. Sales of large farm equipment sank 14% during the quarter that ended May 3. Low crop prices and higher costs for fertilizer, fuel and other production expenses are holding down farmers’ incomes—and sales of new tractors, crop harvesters and other machinery.
For its fiscal second-quarter, Deere reported earnings per share of $6.55. Wall Street was looking for $5.70.
(Bloomberg) -- Deere & Co. reiterated its annual profit outlook Thursday as gains in construction and forestry helped to offset a still-slumping agricultural economy.Most Read from BloombergSpot the Difference: Putin Gets Trump Treatment From Xi in ChinaModi’s Toffee Gift to Meloni Ignites Rally in Wrong Indian StockIran Threatens to Retaliate Beyond Middle East If US AttacksNvidia Tells Skeptical Investors AI Is Ready to Go MainstreamUS Treasuries Rebound on Optimism for US-Iran Deal ProgressTh
A $99 million settlement proposal with a group of farmers and independent agriculture repair shop owners received preliminary approval this week in a separate case.
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