Shares of Deere & Company (NYSE: DE) plunged about 4.50% by afternoon trade on Wednesday after the farms equipment manufacturer provided downbeat outlook for the second half of the current year.The Company now expects full-year sales to grow by 5% down from earlier guidance of 6%. The Company however handed better-than-expected adjusted earnings and revenue for the fiscal second quarter. For the fiscal second quarter ended April 30, Deere & Company posted net income of $1.08 billion or $2.76 a share compared to a profit of $1.06 billion or $2.61 a share, in the year-earlier quarter. Revenue rose 9% to $10.91 billion. Analysts’ consensus estimate was for earnings of $2.72 a share on revenue of $9.85 billion.
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