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Deere & Company Income Drops $400 Million for Entire Year

Net sales, income, and revenue continue to drop for Deere and Company, as it released its fourth quarter earnings report on Wednesday, November 23, 2016.

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.

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