Deere Co. (NYSE:DE) reported fiscal Q1 profit of $0.48, well below analyst estimates of $0.63 per share. Revenues in the quarter slid 1% to $5.1 billion, but came in ahead of estimates for $4.6 billion in revenue. Higher raw material costs and currency fluctuations hurt results. The company also cut its 2009 income forecast to $1.5 billion and suspended quarterly profit forecasts, citing an uncertain global economy. Analysts had estimated a full-year profit of $1.8 billion. Mysmartrend.com downtrended Deere Co. (NYSE:DE) Tuesday morning, February 17th 2009 at $33.70 prior to this morning's disappointing quarterly results and guidance. Deere (NYSE:DE) is currently off 3.2% to 32.42.

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