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You are here: Home / Agriculture / Deere expects small drop in sales linked to weather planting delays

Deere expects small drop in sales linked to weather planting delays

May 15, 2013 By Radio Iowa Contributor

Deere logoDeere and Company’s profit and income are up, but the company is predicting slower growth.

The Moline, Illinois-based manufacturer of farm and construction equipment says its quarterly net profit went up 2.7 percent, thanks mainly to continued growth in farm equipment sales.

Second-quarter net income rose 3 percent to $1.08 billion, or $2.76 per share. But Deere says sales will rise only 5 percent during the current fiscal year, down from the 6 percent it predicted earlier. You can blame the weather for that.

Cool, wet weather delayed the planting of crops, slowed construction work and reduced demand for lawn-care equipment. Deere is Iowa’s largest manufacturing employer.

By Phil Roberts, Davenport

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Filed Under: Agriculture, Business, News, Weather Tagged With: Employment and Labor

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