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Deere & Company Profits Decline

Deere and Company is reducing its prediction of profits for its current operating year due to what the company says are challenging market conditions. Net sales and revenue for Deere products worldwide were down 12 percent in the last three months. Deere predicts sales of large farm equipment, like tractors and combines, will be down between 20 and 25 percent for the year. Over 300 workers at John Deereā€™s Waterloo Works were laid off indefinitely at the end of April. Deere announced last week that 34 workers at one of its plants in the Quad Cities would be laid off at the end of May.