Deere profit slumps 41% as farm equipment demand crashes

Deere profit slumps 41% as farm equipment demand crashes

The leaping deer trademark logo is seen on John Deere equipment at a dealership in Taylor, Texas
The leaping deer trademark logo is seen on John Deere equipment at a dealership in Taylor, Texas, U.S., February 16, 2017. REUTERS/Mohammad Khursheed

REUTERS: Deere & Co reported a 41 per cent fall in quarterly profit on Friday as coronavirus-led lockdowns sapped demand for its tractors, harvesters and other machinery.

Net income attributable to the company fell to US$666 million, or US$2.11 per share, for the second quarter ended May 3, from US$1.14 billion, or US$3.52 per share, a year earlier.

Total net sales fell 20per cent to US$8.22 billion.

Source: Reuters

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