Deere & Co. (NYSE:DE) in trouble this morning with the current U.S. drought hurting its bottom line. The largest maker of farm equipment posted its third quarter earnings this morning, saying the company had a profit of $788 million or $1.98 a share. This was well below estimates of $2.32. Revenue had modest gains rising 16% year over year to $8.93 billion. But, predictions put that growth at 25% for the quarter. According to Deere CEO Sam Allen, lower demand for farm equipment is the cause of the lower than expected earnings, with the worst U.S. drought in five decades being the main reason for the decrease in demand.The company also cut its full-year forecast, saying profit will be $3.1 billion now, down from its previous prediction of $3.35 billion. Analysts also predicted the profit to be higher at $3.33 billion.