A drop in agriculture equipment sales led to a dip in John Deere earnings in the last quarter.
Iowa’s largest manufacturing employer, Deere and Company reports a dip in earnings due, in part, to a drop in demand for agricultural equipment.
The Moline, Illinois-based Deere is announcing third-quarter earnings of nearly $512 million, or $1.53 per share. That’s compared with nearly $851 million, or $2.33 per share, for the same period last year.
Worldwide net sales and revenues decreased 20 percent, to $7.5 billion, for the third quarter. Deere’s chairman and CEO Samuel R. Allen says the numbers reflect the downturn in the farm economy and lower demand for construction equipment, but he says all of Deere’s businesses are solidly profitable.
(Reporting by Phil Roberts, Davenport)