Deere Blames Weak Farm Conditions For Drastic Drop In Income

Jan. 13, 2005
Agricultural machinery maker Deere & Co., Moline, Ill., saw worldwide sales drop nearly 20% in its third quarter, resulting in a net income drop of 76%. The company blamed a drop in farm equipment purchases on depressed grain and oilseed prices. This ...

Agricultural machinery maker Deere & Co., Moline, Ill., saw worldwide sales drop nearly 20% in its third quarter, resulting in a net income drop of 76%. The company blamed a drop in farm equipment purchases on depressed grain and oilseed prices. This hit the high-horsepower, high-margin tractor and combine sector, where the company is a market leader, according to a statement released Aug. 17. The company reported worldwide net sales of $3.04 billion for the quarter, down from $3.69 billion for the same period last year. Net sales income was $68.9 million, compared with $290.8 million for the same period last year. Nine-month net income was $268.7 million, down from $859.3 million. The company plans to reduce capacity at agricultural equipment plants by one-third in the fourth quarter.

Popular Sponsored Recommendations

What Does Agility Look Like for Today's Auto Industry?

Dec. 4, 2023
Without modern technologies, enterprises aren't able to fully analyze the risks and respond to ongoing supply chain issues and semiconductor shortages.

Goodridge Boosts Productivity & Saves Costs by Moving to the Cloud!

Dec. 4, 2023
With Infor's cloud solutions, Goodridge has been able to greatly increase overall productivity, cost savings, data visibility, and automation. This case study discusses the many...

Navigating Disruption: A Leader’s Guide to Strategy Under Uncertainty

Nov. 1, 2023
AI, sustainability, digital--industrials are facing disruptive forces that are redefining what it takes to win. What got your company where it is today won’t get you where you...

Discrete and Process Manufacturing 2024 Trends and Outlook for North America

Oct. 29, 2023
Manufacturers are reaping the benefits of automation and cloud-based solutions. Discover what is driving today's industry trends and how they can shape your growth priorities ...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!