With agriculture and construction sales down, John Deere's profits have fallen 27%.
From Thomas Black, Bloomberg:
Aug. 19 (Bloomberg) -- Deere & Co., the world’s largest maker of farm equipment, said third-quarter profit dropped 27 percent and lowered its 2009 sales forecast amid declining demand for lawn and construction machinery.
Net income fell to $420 million, or 99 cents a share, in the three months ended July 31, from $575.2 million, or $1.32, a year ago, Moline, Illinois-based Deere said today in a statement. Revenue fell 24 percent to $5.89 billion.
Deere’s quarterly sales dropped for the second consecutive quarter on a year-over-year basis as the global recession and construction slump reduced demand for machinery, including lawn tractors. Deere forecast fourth-quarter equipment sales will decline 34 percent.
