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Deere blames Trump's trade war for lower earnings, 20% at major plants | Economy



Deere & Co.

Moline-based Deere on Friday is a full-year profit forecast. The second-quarter earnings of $ 1.13 billion, or $ 3.52 per share. That's lower than the $ 1.21 billion, or $ 3.67 per share, reported in the same quarter last year.

. On Friday, the president is looking for easy fears over the industry, and he has pledged another one.

Deere said it lowered its forecasts because farmers aren't buying much equipment. Farmers are worried about plummeting crop prices, including Iowa.

Deere's earnings were lower than 7 percent in afternoon trading.

"Ongoing concerns about export market access, near-term demand for commodities such as soybeans and a delayed planting season," said Chairman and CEO Samuel Allen said in the report.

On Friday morning call with analysts, Josh Jepsen, Director of Investor Relations, received a response to market dynamics.

They said they were getting the most out of the industry.

Locally, Deere manufactures a wide range of equipment, such as combines and tractors, at its factories in East Moline and Waterloo.

Ken Golden spokeman Ken Golden said the company is not specifying where the second half of the year is.

"Golden changed in an email." "We have not announced any change in workforce."

John's lowered its earnings outlook to around $ 3.6 billion.