Deere Releases Q2 Numbers

As of April 30, sales of equipment in Deere’s agriculture and turf division were down by 5 percent for the first half of the fiscal year.

Comparing quarters, sales were roughly the same. A news release from Deere says that the six-month decline is largely the result of lower shipment volumes.

In construction and forestry, Deere reported a 16 percent dip in sales for the quarter and a 20 percent drop for the first six months of the fiscal year. In this case, the declines resulted from a combination of lower shipment volumes and higher sales-incentive costs.

In its market forecast for its agriculture and turf sector, Deere anticipates an 8 percent decrease in worldwide sales in 2016. Specific to U.S. and Canada ag and turf, the forecast calls for a 15- to 20-percent decline. The loss will be most pronounced in high-horsepower models.

In construction and forestry, the company anticipates a 13 percent decline in worldwide sales this fiscal year compared to 2015. S