Deere: Sales Down, But Downturns Have Been Worse

Deere announced recently its net equipment sales fell 15% worldwide. In the U.S. and Canada, the decline was 18%.

Specific to agriculture and turf, sales decreased 12% for the quarter due largely to lower shipment volumes and the unfavorable effects of currency translation, the report said.

In its 2016 outlook, Deere expects sales of its agriculture and turf equipment to decrease by about 10% worldwide, in part because of negative currency translation. In the U.S. and Canada, the projected decline is 15 to 20%.

The decline will be most pronounced in high-horsepower models.

“Although Deere expects another challenging year in 2016,” said Samuel R. Allen, Chairman and Chief Executive Officer, “our forecast represents a level of performance much better than we have experienced in previous downturns.”  S