Deere’s Q3 earnings down

Deere & Co. has reported net income of $420.0 million for its third quarter ended July 31. This is down 27% from $575.2 million for the same period last year.

Net sales and revenues declined 24% to $5.885 billion for the third quarter from $7.739 billion in the year-ago period.

Net sales of the equipment operations were $5.283 billion for the quarter and $16.030 billion for the first nine months, compared with $7.070 billion and $19.070 billion last year.

For the first nine months of the year, net income was $1.096 billion, down 36% from $1.708 billion last year. Net sales and revenues were down 15% to $17.778 billion for the first nine months compared with a year ago.

"We have seen continued benefit from strength in the U.S. market for large farm machinery and from our efforts to keep a tight rein on costs and inventories,” said Samuel Allen, president and CEO. “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."