Deere & Co. said its first-quarter net income rose almost 5 percent, but it projected a slowdown in sales of farm equipment this year.
High crop prices in recent years have put money into farmers’ pockets and driven a boom in demand for Deere’s tractors and other motorized farm gear.
But Deere said Wednesday that demand for farm equipment is moderating, and it expects sales of its agriculture and turf gear to fall 6 percent this year as farm incomes decline compared with last year. It expects the slowdown to be especially pronounced for sales of larger equipment.
Overall, Deere said sales of farm and construction equipment will fall 6 percent in the second quarter and will fall 3 percent this year. Its profit guidance for the year was unchanged at $3.3 billion.
It said sales of construction and forestry gear will rise about 10 percent this year as the economy recovers and more houses are built in the U.S.
Even in the face of moderating demand for agricultural equipment, Deere is well-positioned to deliver solid performance, Chairman and CEO Samuel R. Allen said.
Toyota calling back 1.9 million Prius cars
Toyota said Wednesday it is recalling 1.9 million hybrid Prius cars globally for a software glitch that could cause the vehicle to stall.
Toyota Motor Corp. said 997,000 Prius cars in Japan, 713,000 in North America, 130,000 in Europe and the rest in other regions are being recalled for a problem in the software to control the hybrid system.
No crashes or injuries have been reported related to the problem.
The software could cause transistors to become damaged, causing warnings lights to go off, driving power to be reduced or the car to stop. The recalled vehicles were manufactured between March 2009 and February 2014.
The Japanese automaker suffered massive recalls starting in 2009, affecting more than 14 million vehicles.
Verizon Wireless to shift 3,000 workers
About 3,000 Verizon Wireless workers will have to transfer to different offices or find new jobs.
The changes announced Wednesday are part of a reorganization affecting Verizon offices in California, Pennsylvania, Connecticut, Maryland and Georgia.
Verizon says it is closing customer service centers in some of those states and changing the types of jobs in other states.
The reshuffling is supposed to be completed by early May.
Affected employees work in Cranberry Woods, Pa.; Warrendale, Pa.; Irvine, Calif.; Meriden, Conn.; Wallingford, Conn.; Hanover, Md.; and Alpharetta, Ga.
Airbus gets order for 20 superjumbo A380s
Airbus announced its second major aircraft order of the Singapore Airshow with a deal Wednesday to deliver 20 of its superjumbo A380s to leasing company Amedeo.
The 20 planes are worth about $8.3 billion, but list prices are often discounted for big buyers.
The order is a boost for the European plane maker because A380 sales have fallen short of expectations.
Amedeo CEO Mark Lapidus said the A380s will be delivered between 2016 and 2020.
A day earlier, low-cost carrier VietJetAir signed a deal to buy more than 90 Airbus A320 jets worth about $9.1 billion at sticker prices.