Deere profits fall 40% on weak farm equipment demand

Deere & Co., the maker of John Deere tractors, reported a 40 percent fall in quarterly profit, hurt by weak demand for its agriculture equipment.

Net income moved down to $511.6 million, or $1.53 per share, for the company's fiscal third quarter ended July 31, from $850.7 million, or $2.33 per share, a year earlier.

Revenue declined 20 percent to $7.6 billion.

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