The Moline, Illinois-based company says a global farm recession and weak construction-equipment markets led to lower sales and earnings for both the fourth quarter and the full year.
In the fourth quarter, net income dropped $66 million compared to the fourth quarter of 2015. Net income dropped $400 million for the entire year.
Deere’s worldwide net sales and revenue dropped 3 percent in the fourth quarter and 8 percent for the entire year. The company is reporting earnings of $285 million for the fourth quarter and $1.5 billion for the year. Deere says execution of its operating plans, disciplined cost management and a broad product portfolio helped its performance.
(By Phil Roberts, Davenport)