Deere sees sales and profits fall in Q3

Deere & Company, the maker of John Deere construction equipment, tractors and mowers, reported third quarter sales and revenue declined 11% to $8.925 billion.

Sales for the first nine months of 2020 are down 12% to $25.81 billion. 

The Moline, Ill.-based manufacturer reported a net income of $811 for the third quarter, declining nearly 10% from a net income of $899 million for the same period a year ago. Net income for the first nine months of the years are down more than 21% to $1.993 billion.

Deere also reported that net sales of the equipment operations were down 12% to $7.9 billion for the quarter

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The Bottom Line: Unsettled marketing conditions and customer uncertainty leads to Deere profits falling 10% in the third quarter as revenue drops 11%.

What the CEO said: “With outstanding support from our dedicated global workforce and dealer organization, John Deere delivered a strong performance in the third quarter in the face of a serious global pandemic and uncertain market conditions,” said John May, chairman and CEO of Deere & Company. “As we manage through the pandemic, Deere’s number-one priority continues to be safeguarding the health and well-being of its employees.”

Company Info: The full third quarter 2020 report from Deere & Company can be read here.