Iowa’s largest manufacturing employer is reporting foul financial news.
Quad Cities-based John Deere reports net sales for the second quarter fell 18%, while net income plummeted from $1.1 billion a year ago to nearly $666 million this quarter. That’s a drop of 41%percent.
A statement from Deere said the company’s top priorities during the pandemic are to safeguard the health and well-being of employees while fulfilling obligations to customers.
Production is halted at Deere’s factories in Dubuque and Davenport that make construction and forestry equipment. The company projects worldwide sales of agriculture and turf equipment will fall 10 to 15% this year.