Deere experiences second quarter decline in sales

Deere & Company has announced worldwide net income of $472.3 million, or $1.11 per share, for the second quarter ended April 30, compared with $763.5 million, or $1.74 per share, for the same period last year. For the first six months of the year, net income was $676.2 million, or $1.60 per share, compared with $1.133 billion, or $2.56 per share, last year.

Worldwide net sales and revenues declined 17 percent, to $6.748 billion, for the second quarter and were down 11 percent to $11.894 billion for six months compared with a year ago. Net sales of the equipment operations were $6.187 billion for the quarter and $10.747 billion for six months, compared with $7.469 billion and $11.999 billion last year.