Deere CEO Stands By Forecast, Despite Slow Economy

U.S. economic growth this year has lagged Deere & Co.’s expectations, said Deere & Co. Chief Executive Samuel Allen. “We, like everyone or most people, were expecting that it would be a little more robust than what it is,” Allen told reporters after speaking to the Detroit Economic Club.

Allen stood by Deere’s full-year profit forecast issued last month, saying strong demand from farmers for the company’s agricultural equipment from markets including the U.S. and Brazil was offsetting weakness in demand for its construction and turf-maintenance equipment.

“The turf business, the construction side, they are still well below what we would call a mid-cycle or normal year,” Allen said. ◆