Deere & Co. Credits Workers & Dealers for Strong 3rd Quarter

Aug 21, 2020

Screenshot from Deere's 3rd quarter earnings call presentation, page 3
Credit submitted / Deere & Company

Despite a worldwide pandemic and recession, Deere and Company is still making money.

Michelle O’Neill reports.

Deere reports third quarter earnings of $811 million, or $2.57 per share compared to $2.81 for the same period last year. Sales fell 11% from May through July. 

Jennifer Hartmann, John Deere Dir. Strategic Public Relations & Enterprise Social Media
Credit submitted / Deere & Company

Jennifer Hartmann, Director of Strategic Public Relations and  Enterprise Social Media, says Deere is restructuring, and the changes will help it weather this year’s challenges.

Hartmann says sales of Deere Agriculture and Turf Equipment declined 5% in the third quarter. But industry figures show many farmers are still in a buying mood.

Damage from this month’s severe windstorm may also affect the bottom line for farmers in the Midwest.

Credit submitted / Deere & Company

Deere has also raised its forecast for full year net income to nearly $2.3 billion. That’s higher than the second quarter forecast but lower than its original projection for the year.