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Deere Lowers Sales, Profit Outlook on Coronavirus Impact

Deere & Co. said the coronavirus pandemic will intensify a yearslong slump in agricultural equipment sales, as farmers further reduce spending amid lower demand for their crops and livestock.

Deere on Friday reset its profit forecast for this year at a significantly lower range after tossing out its previous guidance in March as the pandemic disrupted its farm-and-construction equipment businesses.

“We…

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