Deere Profits Good Despite Slip In Ag Equipment Sales - News and Weather For The Quad Cities -

Deere Profits Good Despite Slip In Ag Equipment Sales

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While continuing to see impressive profits, Deere and Company projects a tempering in income as it releases its 2nd quarter earnings report.

The Moline-based ag and construction equipment manufacturer says net sales and revenues were down nine percent. Still, the company reported net income was $980.7 million, the fourth highest quarter in company history for net sales of equipment operations and net income.

In the report released Wednesday, May 14, 2014, Deere said ag and turf division sales were down 12 percent for the quarter. The company forecasts worldwide sales will drop seven percent for the year, due to lower farm income than last year.  

As for construction and forestry equipment, Deere says sales were up two percent for the quarter and projects an annual increase of 10 percent, due to an improving economy and housing starts.

According to Deere Chairman and CEO Samuel R. Allen the combination of cost control and new product and market investments, "John Deere expects to achieve near-record earnings for the full year and the company is well-positioned to deliver solid financial results throughout the business cycle."

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