Deere Shares Tumble With Farmers Facing ‘Ongoing Challenges’ (3)

Deere & Co. shares fell sharply as farm machinery sales stayed sluggish, raising questions on when the agriculture economy will start getting better.

The world’s biggest farm machinery maker kept its profit outlook unchanged as it reported fiscal second-quarter results. More uncertainty lies ahead for crop farmers, who have been under pressure for years with prices not keeping pace with elevated costs. Spending on new tractors, combine harvesters and other implements remains limited as the war in Iran sends costs for fuel and fertilizer even higher.

“While our customers face ongoing challenges, John Deere remains firmly committed to supporting their ...