John Deere has reported third-quarter earnings rose 11% but fell well short of expectations.  According to the Moline, Ill., company the business was hit hard by a weakening global economy as well as the drought blanketing much of the country.
The farm equipment maker says it earned $788 million, or $1.98 per share for the quarter ended July 31.  That compares to $712.3 million, or $1.69 per share for the some period a year ago.
Wall Street was looking for earnings of $2.31 per share on revenue of $9.61 billion.  Aside from international weakness and shrinking crop yields, new product launches also hurt efficiency.