Deere & Co. adjusts 2025 profit outlook

Deere & Co. beat Wall Street expectations for its third-quarter profit and revenue despite weaker demand. CEO John May said the company aligned production with retail sales and benefited from cost-cutting measures, including nearly 2,000 Iowa layoffs since June 2024. Net income fell to $1.29 billion, or $4.75 per share, from $1.73 billion a year ago. Sales dropped 9% to $10.36 billion. Deere trimmed the top end of its annual profit forecast to $5.25 billion but kept the lower end at $4.75 billion. Third-quarter operating profit from its agriculture and construction divisions was roughly half of last year’s. The company also expects tariffs to cost more than $500 million in 2025.