Deere Reports Lower Net Income

Deere & Company announced a worldwide net income of $420 million, for the third quarter ended July 31. That’s compared with $575.2 million, for the same period last year. For the first nine months of the year, net income was $1.096 billion, compared with $1.708 billion last year.

Worldwide net sales and revenues declined 24%, to $5.885 billion, for the third quarter and were down 15% to $17.778 billion for nine months, compared with a year ago. Net sales of the equipment operations were $5.283 billion for the quarter and $16.030 billion for nine months, compared with $7.070 billion and $19.070 billion in 2008.

“John Deere has completed a solidly profitable quarter in the face of persistent global economic pressure and made further progress advancing its competitive position throughout the world,” said Samuel R.
Allen, president and chief executive officer. “Deere’s construction and forestry business, as an example, is successfully executing carefully designed plans to adjust expenses and asset levels in response to the severe decline in its markets.”