Deere & Co. said it would reduce production of construction, grounds-care equipment and large farm tractors and the expected result will be a fall in second-quarter earnings.
The Moline, Ill.-based company said retail sales of construction equipment slowed through mid-March, while adverse weather conditions impacted commercial and consumer equipment income. All will likely lead to a drop in earnings compared with last year's second-quarter earnings when figures are released April 30, said Deere CEO Robert Lane.
“Continued caution on the part of our customers has prompted our decision to reduce production schedules,” he said.
