Deere’s stock dives after outlook for earnings, sales disappoint

Shares of Deere & Co. DE dropped to the lowest levels seen in months Wednesday, after the maker of agricultural, construction and turf equipment earnings and sales outlook for next year was well below Wall Street forecasts.

For fiscal 2024, the company expects net income of $7.75 billion to $8.25 billion, below the current FactSet consensus of $9.31 billion, “as volumes return to mid-cycle levels.”

That…