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Deere Net Sales Drop by 25% for Fourth Quarter

Worldwide net sales and revenue for Deere and Company dropped by 25% for the fourth quarter, according to an earnings report released on Wednesday, November 25,...

Worldwide net sales and revenue for Deere and Company dropped by 25% for the fourth quarter, according to an earnings report released on Wednesday, November 25, 2015.

The report also showed that world wide net sales and revenue were down 20% for the entire year. The company blames the drop on low corn prices, which makes farmers less likely to buy equipment. Net income for the fourth quarter of 2015 also dropped by about $300 million compared to this time last year.

"Sales and earnings for the year were the sixth-highest in company history, a notable achievement in light of the challenging market conditions we experienced," John Deere Chairman Sam Allen said.

The 2016 forecast also calls for sales declines of about 7%. Wednesday's announcement comes three months after the company said it would lay off more than 175 employees in the Quad Cities.

 

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