Iowa’s largest manufacturing employer is reporting a significant dip in income compared to a year ago.
Quad Cities-based John Deere reports second quarter net income of $1.8 billion dollars, a drop from nearly $2.4 billion at the end of the same quarter last year.
For the first six months of the fiscal year, Deere’s net income was almost $2.7 billion, versus $4.1 billion a year ago.
Worldwide net sales and revenues for the agricultural equipment maker were down 16 percent for the quarter and 22 percent for six months.
Deere chairman and CEO John May says he’s proud the company’s employees and dealers are showcasing resilience in supporting customers amidst heightened uncertainty.