Deere Q2 results top Street but it cuts 2024 profit outlook again as farmers buy fewer tractors

Deere’s fiscal second-quarter results beat Wall Street’s expectations, but the company lowered its full-year profit forecast for a second time as farmers buy fewer tractors and other equipment as they deal with declining prices for their crops. Deere, which makes agricultural equipment, cut its profit outlook to $7 billion from a previous range of $7.50 billion to $7.75 billion. Prior to that, the company had forecast a 2024 profit between $7.75 billion and $8.25 billion.