John Deere’s quarterly sales and profit estimates beat expectations. According to Reuters, Net income fell 41% to $665.8 million, or $2.11 per share in the quarter, but beat analysts’ average estimate of $1.62 per share.
Equipment sales declined 20% to $8.22 billion, topping expectation of $7.69 billion. Agriculture and turf sales decreased for the quarter due to lower shipment volumes and the unfavorable effects of currency translation. The new forecast from the company expects farm and turf equipment sales to fall between 10%-15% this year. Net income attributable to Deere and Company is forecast to be in a range of $1.6 billion to $2 billion for the full year.
However, many uncertainties remain regarding the effects of the COVID-19 global pandemic that could negatively affect the company’s results and financial position in the future.
The company states earlier this week, “Uncertainties related to the magnitude and duration of the COVID-19 pandemic may significantly adversely affect the company’s business and outlook.”
If you have a story idea for the Washington Ag Network, call (509) 547-1618, or e-mail email@example.com