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Deere & Company’s earnings report shows net income down 41% in 2nd quarter

MOLINE, Illinois (KWWL) -- Deere & Company reported net income of $665.8 million for the 2nd quarter that ended May 3, 2020, or $2.11 per share, compared to $1.135 billion, $3.52 per share, for the 2nd quarter of 2019, a 41% drop.

The company released its latest earnings report Friday morning. For the first six months of the fiscal year, net income was $1.182 billion, or $3.73 per share, compared to $1.633 billion, $5.07 per share, for the same period last year.

Worldwide net sales and revenues decreased 18 percent, to $9.253 billion, for the 2nd quarter of 2020 and decreased 13 percent, to $16.884 billion, for six months. Net sales of the equipment operations were $8.224 billion for the quarter and $14.754 billion for six months, compared with $10.273 billion and $17.214 billion last year.

"John Deere's foremost priority in confronting the coronavirus crisis has been to safeguard the health and well-being of employees while fulfilling its obligation as an essential business serving customers throughout the world," John C. May, chairman and chief executive officer said.

"We've had good success in these areas thanks to the proactive measures we have taken to keep employees safe and our production facilities and parts distribution centers operational. At the same time, the company has reached out to our local communities to help those in need as a result of the pandemic," May added.

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Trevor Oates

Executive Producer

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