Deere & Co. said its 1Q profit fell 45% and reduced its 2009 earnings outlook by 21%. For the quarter ending Jan. 31, it said net income was US$203.9 million, down from $369.1 million a year earlier. Revenue slipped 1% to $5.15 billion.
Deere's North America sales increased 1%, while sales in the rest of the world remained virtually flat. Sales of commercial and consumer equipment — including riding mowers and chain saws — fell 25%.