Deere sales, profits slip in Q3
Equipment sales postponed as farmers face “uncertainty.”
Deere & Company reported third quarter revenue of $8.97 billion, down 3% from revenue of $9.29 billion in the third quarter 2018.
The company also reported a net income of $899 million for the quarter, down a little more than 1% compared to a net income of $910 million for the same period a year ago.
The bottom line: Profits slip while sales fall 3%.
What the CEO said: “John Deere’s third-quarter results reflected the high degree of uncertainty that continues to overshadow the agricultural sector,” said Samuel Allen, chairman and CEO. “Concerns about export-market access, near-term demand for commodities such as soybeans, and overall crop conditions, have caused many farmers to postpone major equipment purchases. At the same time, general economic conditions remain positive and are contributing to strong results for Deere’s construction and forestry business.”
Company info: The full third quarter 2019 report from Deere & Company can be read here.
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