Deere & Co. reported that its worldwide net sales and revenues decreased 4% in the first quarter of 2020, ended Feb. 2, to $7.63 billion. Net sales of the company’s equipment operations were $6.53 billion for the quarter, compared with $6.94 billion in 2019; a decline of 6%.
Deere has completed a $24 million, 22,000 square foot project at its Horicon Works manufacturing facility in Horicon, Wis. This comes 3 years after a $43 million, 388,000 square foot expansion project at the same facility.
Deere & Co. reported net income of $722 million for the fourth quarter ended Nov. 3, 2019, compared with net income of $785 million for the quarter ended Oct. 28, 2018. For fiscal 2019, net income attributable to Deere & Co. was $3.253 billion compared with $2.368 billion in 2018.
Worldwide net sales and revenues decreased 3% for the third quarter of 2019 and increased 5% for 9 months. Company equipment sales are projected to increase by about 4% for fiscal 2019 compared with 2018.
Net sales from the agriculture & turf division improved by 3% to $7.3 billion vs. $7.04 billion the previous year. Year-to-date, net sales for the division were nearly $12 billion, an increase of 6% vs. the first 6 months of 2018.
Deere spokesperson Ken Golden says problems arose from past errors in air permits issued in 2005 for the center's engine test cells. He says that Deere took corrective actions and worked with Iowa officials toward the issuance of new permits after learning of the problems in late 2016.
K.C. Nielsen Ltd.’s Manson, Iowa, location was destroyed by a fire Sunday, April 14. It took at least 10 local fire departments to put out the fire and the dealership was estimated to be a complete loss.
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