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Deere profit falls 40 percent on weak demand for farm equipment

(Reuters) – Deere & Co, the maker of John Deere tractors, reported a 40 percent fall in quarterly profit, hurt by weak demand for its agriculture equipment.

Net income attributable to Deere fell to $511.6 million, or $1.53 per share, in the third quarter ended July 31 from $850.7 million, or $2.33 per share, a year earlier.

Deere’s farm and turf equipment sales, which account for more than two-thirds of total revenue, fell 24 percent to $5.31 billion.

Total revenue declined 20 percent to $7.59 billion.

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