Deere & Co. on Friday announced a review of costs after a combination of the U.S...
) on Friday announced a review of costs after a combination of the U.S.-China trade war and bad weather dented its quarterly profits, forcing the company to trim its full-year earnings forecast for a second time in the past three months.
It will reduce production by 20% at its facilities in Illinois and Iowa in the second of half of the year. The cuts will impact the production of large tractors. The comments came after Deere’s production costs in the third-quarter shot up by 2 percentage points from a quarter ago. Yet despite its efforts, full-year production costs are projected to be above its previous estimates.
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