Deere & Company is reporting lower second quarter profits and sales. The world’s largest farming-equipment maker, based in Moline, Illinois, had net income of $495 million and adjusted earnings per share of $1.56.
Deere CEO Samuel Allen says the company’s second-quarter performance reflects the continuing downturn in the global farm economy and further weakness in construction equipment sales. The company has cut back its expected full-year net income forecast to $1.2 billion from $1.3 billion.
Even so, Allen says the company is continuing to perform at a much higher level than in previous downturns. Deere is Iowa’s largest manufacturing employer.
By Phil Roberts, Davenport