Earnings Reports

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Deere’s 3QFY19 Worldwide Sales Drop 3%; Ag Down 6%

Deere & Co.’s worldwide net sales and revenues decreased 3% to $10 billion, for the third quarter of 2019 and increased 5% to $29.4 billion, for 9 months. Net sales of the equipment operations were $9 billion for the quarter and $26.2 billion for 9 months, compared with $9.3 billion and $25 billion last year. “John Deere’s third-quarter results reflected the high degree of uncertainty that continues to overshadow the agricultural sector,” said Samuel R. Allen, chairman and chief executive officer. “Concerns about export market access, near term demand for commodities, such as soybeans, and overall crop conditions have caused many farmers to postpone major equipment purchases.”
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Cervus Equipment 2Q Revenue Declines 20%; Ag Falls 25%

Cervus Equipment Corp., a 21 store John Deere dealership group, reported that overall revenue decreased 20% in the quarter, with reduced equipment sales in its Agricultural segment comprising the majority of the decrease, while a tapering of truck sales in its Transportation sector relative to the strong sales of 2018 was a secondary factor. Overall revenues include agriculture (56%) and transportation (34%) and industrial (10%) business segments.
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