John Deere has released it's financial results and provided some guidance for the future. For the full news visit the John Deere site.
http://www.deere.com/wps/dcom/en_US/corporate/our_company/investor_
relations/financial_data/earnings_releases/2014/secondqtr14.page?
Deere and Company is expecting it’s worldwide sales of agriculture and turf equipment to be down about 7 per cent for fiscal 2014.
The company forecasts farm income to be lower than it was last year.
Deere officials say that’s putting pressure on demand for farm equipment – especially the larger models.
The strength of the U-S livestock sector is helping sales of mid- and smaller-sized tractors.
The company expects agricultural machinery sales in the U-S and Canada to be down 5-10 per cent for the year.
Deere is expecting European sales to be down about 5 per cent, South American sales by about 10 per cent, with significantly lower sales in the Commonwealth of Independent States as well.
The one bright spot in Deere’s forecast – Asia – where the company expects sales to be up slightly.
The company’s second quarter report showed worldwide net sales and revenues down 9 per cent.
Despite that, CEO Sam Allen says Deere and Company expects to post near record earnings for the full year.