Deere cuts 2024 profit forecast as high borrowing rates dent demand
In this article:
Feb 15 (Reuters) - Deere & Co cut its 2024 profit forecast on Thursday as farmers turn hesitant about big-ticket farm equipment purchases due to high borrowing rates and falling crop prices.
The world's largest farm equipment maker now expects net income for fiscal 2024 in the range of $7.50 billion to $7.75 billion, compared with its previous forecast of $7.75 billion to $8.25 billion. (Reporting by Shivansh Tiwary in Bengaluru; Editing by Shounak Dasgupta)
