News Summary: Deere cuts sales growth prediction

The Associated Press
May 15, 2013

WHAT INVESTORS NOTICED: Deere & Co. said the sluggish economy overseas and the late arrival of spring in parts of the United States are going to hold back sales growth this year.

WHAT'S BEHIND IT: The late spring has kept farmers out of the field and discouraged homeowners from buying new lawnmowers. It has also delayed the start of the construction season. Meanwhile, the slow economy in Europe continues to hurt sales there.

FARMING STILL STRONG: Demand remains strong for agriculture gear such as combines and large tractors, and sales are expected to rise 7 percent this year.