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National & World Ag News Headlines |
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John Deere Reports Lower Sales, Earnings
USAgNet - 05/23/2016
Net income attributable to Deere & Company was $495.4 million, or $1.56 per share, for the second quarter ended April 30, compared with $690.5 million, or $2.03 per share, for the same period last year. For the first six months of the year, net income
attributable to the equipment maker was $749.8 million, or $2.36 per share, compared with $1.077 billion, or $3.14 per share, last year.
Worldwide net sales and revenues decreased 4 percent, to $7.875 billion, for the second quarter and declined 8 percent, to $13.400 billion, for six months. Net sales of the equipment operations were $7.107 billion for the quarter and $11.876 billion for the
first six months, compared with $7.399 billion and $13.004 billion for the periods last year.
"John Deere's second-quarter performance reflected the continuing impact of the downturn in the global farm economy and further weakness in the construction equipment sector," said Samuel R. Allen, chairman and chief executive officer. "In the face of
challenging market conditions, Deere's businesses benefited from the sound execution of operating plans, the strength of a broad product portfolio and our success creating a more flexible cost structure."
Agriculture & Turf. Sales were approximately the same for the quarter and down 5 percent for six months. The decline year-to-date was due largely to lower shipment volumes. Results for both periods were impacted by the unfavorable effects of foreign-
currency translation, partially offset by price realization.
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