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You are here: Home / Agriculture / Deere sees lower second quarter profits and sales

Deere sees lower second quarter profits and sales

May 20, 2016 By Radio Iowa Contributor

John-Deere-tractorDeere & 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

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