News

Deere reports decline in ag equipment sales

John Deere reported a 3% sales decline for their third-quarter ending in July.  While construction and forestry divisions reported a sharply higher profit, the agricultural product sales are down with continued uncertainty on the farm.  Tractor, combine, and harvesting equipment sales are reportedly down 6% and Deere will be making production cuts in those areas.

Chairman and CEO Samuel Allen says concerns about export market access, near term demand for commodities, and overall crop conditions have caused many farmers to postpone major equipment purchases.

Deere and Company’s quarterly report also mentions other issues that affect ag equipment purchases, like weather conditions, harvest yields, trade restrictions and tariffs, and global trade agreements.

Allen says despite present challenges, the long-term outlook for John Deere remains healthy.