Deere Cuts 2015 Outlook as Profit Plunges, Earnings Beat Estimates

Farm equipment manufacturer Deere reported first quarter results on Friday that beat analyst estimates. The Illinois-based company reaped a profit of $386.8 million or $1.12 per share, down 43 percent on last year's numbers. Worldwide sales of equipment also declined 19 percent for the quarter. Cheap crop prices and sluggish conditions in the farming economy have knocked the company outlook. Deere reduced its earnings forecast for 2015 from $1.9 to $1.8 billion. The machinery maker has cut both production and employees over the last year to adjust to the lower demand. The government predicts that farming income for 2015 will decline for a third straight year, stifled by the stronger dollar.