MOLINE, Illinois - Net sales, income, and revenue continue to drop for Deere & Company, as it released its fourth quarter earnings report on Wednesday, November 23, 2016.
Net income dropped $400 million for the entire year, while net income this quarter dropped $66 million, compared to the fourth quarter of 2015.
Worldwide net sales and revenue for Deere dropped 3% this quarter, compared to 2015 results. Worldwide net sales and revenue for Deere dropped 8% for the entire year, compared to last.
The company says there is a global farm recession currently, while weak construction and equipment markets lead to lower sales and earnings.
Net sales for worldwide equipment dropped 5% for the quarter and 9% for the full year, compared to 2015. Regardless, company leaders are staying positive.
“The company in 2016 had one of its ten-best years in both sales and earnings, a noteworthy achievement in light of the difficult business climate," company chairman and CEO Samuel Allen said.