Deere Outlook Falls Short as Farm Rebound Remains Elusive (1)

Deere & Co.’s first profit outlook for the year ahead fell short of expectations as uncertainly continues to surround the timing for a recovery in the US farm economy.

The world’s biggest farm machinery maker said net income in the fiscal year beginning in November will be between $4 billion and $4.75 billion, below the average Bloomberg estimate for $5.31 billion.

Shares fell by as much as 6.3% before the start of regular trading in New York.

The weak outlook for the maker of iconic green and yellow tractors comes as farmers have been hit hard by low crop ...