MOLINE (dpa-AFX) - While reporting financial results for the first quarter on Friday, Deere & Co. (DE) slashed its earnings and revenue growth guidance for the full-year 2019.
The company said the lower forecast is partly a result of actions taken by it to prudently manage field inventories, which will cause production levels to be below retail sales in the second half of the year.
For fiscal 2019, the company now projects full-year net income attributable to the company to be $3.6 billion on net sales and revenue growth of 5 percent.
Previously, the company expected full-year net income attributable to the company to be $3.5 billion on net sales and revenue growth of 7 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $11.14 per share on net sales and revenue growth of 7.0 percent to $35.68 billion for the year. Analysts' estimates typically exclude special items.
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