Agriculture equipment manufacturer Deere & Company faces a third straight year of falling profit as farm income is suffering from an oversupply of crops. Farm income is down more than 50 percent over the last three years and predicted to drop by another two percent this year. The company said Friday net income in the 12 months through October will be about $1.3 billion, down from the most recent projection of $1.4 billion. The earlier prediction had a drop in equipment sales of seven percent. However the company now predicts sales will fall about 10 percent for this fiscal year. A Bloomberg Analyst said “the need to repair balance sheets and reduce inventories may defer equipment demand into 2017” for farmers.
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