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Deere has downbeat 2013 outlook, and shares fall

November 22, 2012 • National News


FILE- In this Feb. 13, 2011, file photo, a John Deere tractor is parked at the Stevens Implement Company, a John Deere dealership, in Petersburg, Ill. Deere & Co. said Wednesday, Nov. 21, 2012, that it earned $687.6 million for the quarter, or $1.75 per share. (AP Photo/Seth Perlman, File)

MINNEAPOLIS (AP) — Tractor maker Deere & Co. is taking a cautious view of 2013, as drought and economic uncertainty hold back spending in some of the world’s biggest farm economies.

Also, its most recent quarterly profit missed analysts’ expectations. Deere shares fell $3.16, or 3.7 percent, to close at $82.83 Wednesday.

Deere is the world’s largest maker of agricultural equipment, like the bright green tractors and combines that prowl farm fields during planting and harvest seasons. Its fortunes rise and fall with those of farmers.

In recent years, that’s been a booming business as strong crop prices have put money in farmers’ Login to read more

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