Deere & Co consolidated net sales and revenues reached US$8.9 billion for its third quarter of 2020.
This compares to US$10 billion in the same period a year earlier, to register a decline of 11%. Equipment operations came in at $7.9 billion during the period compared to nearly $9 billion last year, also a drop off of 12%.
Sales of Agriculture and Turf products during the third quarter fared a little better with a slight drop-off to $5.7 billion, down 5% from about $6 billion a year ago.
Worldwide sales of agriculture and turf equipment are forecast to decline about 10% for fiscal year 2020. Sales of agricultural equipment are expected to be down in most key regions.
By 5 to 10% for the US and Canada, and Europe. South American sales are projected to be down 10-15%. While Asian sales are forecast down slightly.
Taking a line through the company’s first 9 months of the fiscal year, worldwide net sales and revenue fell 12%, to US$25.8 billion from US$29.4 billion for the same time last year.
Deere reported net income of US$811 million for the third quarter compared with net income of US$899 million, for the same quarter in 2019. For the full fiscal year, Deere expects net income to reach US$2.25 billion.