Nov 7 Reuters Agricultural and construction machinery maker CNH Industrial on Tuesday lowered its 2023 revenue forecast, citing a softening demand for its farm machinery, predominantly in South America, sending its shares plummeting.

The company also announced a restructuring plan that will entail trimming 5 of its salaried workforce costs and reducing its total workforce expenses by 10 to 15.

Shares were down 7.7 on the NYSE. Trading for the manufacturer was repeatedly halted in Milan due to volatility after the company revised its sales outlook for the year. The stock fell as much as 14, to its lowest since 2021.

The ItalianAmerican company lowered its net revenue forecast from industrial activities, which accounts for the majority of CNH39;s revenue, of between 36 this year, down from a previous forecast of 811. The manufacturer also changed its freecash flow estimate to be between 1 and 1.2 billion from 1.3 to 1.5 billion.

U.S. farmer income, a broad measure for farm profitability, is expected to fall by 41.7 billion, a 22.8 decrease from a year ago. CNH39;s Chief Executive Scott Wine said farmers39; balance sheets are still in good shape and attributed the revenue hit to a downturn in agriculture equipment sales in South America.

It39;s almost entirely from Brazil Brazil has a history of being in a very high inflationary market, he told Reuters, adding that farmers are worried about soft commodity prices and inflated input costs.

Tractor sales in South…