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Deere reports lower earnings on weak farm, construction markets

Deere & Co.’s first-quarter earnings reflected the continuing impact of the downturn in the global farm economy as well as weakness in construction equipment markets, the company said. The Moline, Ill.-based manufacturer reported net income of $254.4 million, or 80 cents per share, for the quarter ended Jan. 31, compared with $386.8 million, or $1.12 per share, for the same period of fiscal 2015. Worldwide net sales and revenues for the first quarter decreased 13 percent, to $5.525 billion, compared with $6.383 billion last year. Net sales of the equipment operations were $4.769 billion for the quarter compared with $5.605 billion a year ago. “At the same time, all of Deere’s businesses remained solidly profitable,” said Samuel Allen, chairman and CEO.

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