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Deere reports 11% sales decrease in third quarter


Deere & Co. reported net income of $811 million for the third quarter ended Aug. 2, or $2.57 per share, down from $899 million, or $2.81 per share, for the same quarter a year ago. The results were better than analysts had expected. Net income for the first nine months of fiscal year 2020 was $1.9 billion, or $6.30 per share, compared with $2.5 billion, or $7.87 per share, for the same period last year. Worldwide net sales decreased 11% to $8.9 billion for the third quarter and declined 12% to $25.8 billion for nine months. Net income is forecast to be about $2.25 billion for the full year, yet uncertainties remain regarding the effects of the global pandemic, Deere said in a statement. “Although unsettled market conditions and related customer uncertainty are expected to have a moderating effect on key markets in the near term, we believe Deere is well-positioned to help make our customers more profitable and sustainable,” said John May, CEO. “In addition, we are encouraged by the early benefits we are experiencing from the company’s recently launched smart-industrial operating model. We’re confident it will help accelerate our ability to deliver differentiated solutions to our customers, while contributing to improved efficiencies across the company.”

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