John Deere is reporting a five percent increase in worldwide sales, but the company’s income in the last quarter dropped by $63 million.
John Deere’s fourth quarter ended October 28. John May, the company’s CEO, says lingering trade tensions and a challenging growing season are causing uncertainty in the ag economy — and many farmers have become cautious about making major investments in new equipment.
Outside of the ag sector, general economic conditions are favorable, according to John Deere’s chief executive. Demand for smaller John Deere equipment, especially for construction and the forestry business, led to a record year for sales.