Sales up, earnings down for Deere

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22 February 2017

Samuel Allen, CEO at John Deere

Samuel Allen, CEO at John Deere

US equipment manufacturer John Deere has announced a significant fall in first quarter earnings for 2017, with a total figure of US$194 million.

The firm’s latest figures compare with earnings of $254 million reported in the same period last year.

The company says difficult market conditions in farm and construction equipment sales had a detrimental effect on its results.

The firm’s net global sales and revenues for the first quarter were, however, up 2%, to $5.6 billion.

John Deere’s chairman and CEO Samuel Allen said, although the quarter’s sales and earnings were lower than last year, all of Deere’s businesses remain solidly profitable.

He added that efforts to establish a more efficient cost structure are on track and that the firm is seeing signs that key markets may be stabilising after several years of steep declines.

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