The world’s largest equipment manufacturer has a 2016 fiscal forecast that beats estimates, even as lower crop prices reduce the money that farmers have to spend on equipment. Bloomberg reports net income for the year through October will be about $1.4 billion as the report noted. That was better than the $1.39 billion average of 18 estimates compiled by Bloomberg. Equipment sales will be down for a third year, falling about seven percent, according to Deere. With a drop in farm incomes this year, more production cuts could be on the horizon for Deere. A Bloomberg analyst said “the outlook for 2016 U.S. farm equipment demand is dimming as financial conditions continue deteriorating.”
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