14-08-2014 02:20 AM | USA

Deere's profit slides 15% as farming slows

Deere & Co.'s third-quarter profit slipped 15%, prompting the company to initiate sales incentives for rising inventories of used tractors and harvesting combines that threaten to undermine the new-machinery market.

Deere, the world's largest manufacturer of farm equipment by sales, said buyers of large, late-model tractors and combines from Deere dealers in the U.S. and Canada can receive one-year free warranty coverage from Deere, along with a subscription to Deere's software for monitoring the machines' operations and maintenance.

The Moline, Ill., company described the John Deere Certified Pre-Owned Program as a "game-changer" that will help dealers combat growing inventories of used equipment as farmers scale back their purchases in response to lower crop prices. Used-equipment sales typically work in tandem with demand for new machinery.
Full Story : Wall Street Journal