United Group Insurance

Deere reports net income fell 41% in the 2nd quarter

Ag/Outdoor, News

May 22nd, 2020 by Ric Hanson

(Radio Iowa) — Iowa’s largest manufacturing employer is reporting foul financial news. Quad Cities-based John Deere reports net sales for the second quarter fell 18-percent while net income plummeted from one-point-one billion dollars a year ago to nearly 666-million this quarter. That’s a drop of 41-percent. With the pandemic, a Deere news release says the company’s top priorities are to safeguard the health and well-being of employees while fulfilling obligations to customers.

Production is halted at Deere’s factories in Dubuque and Davenport that make construction and forestry equipment. The company projects worldwide sales of agriculture and turf equipment will fall 10 to 15-percent this year.