As expected, sales and profits fell during the past year for Deere and Company. This week it reported year-end net income of 1.9 billion dollars or 5-dollars and 77-cents per share, compared to 8-dollars and 63-cents a year ago. Sales for the year dropped 20 per cent.
Spokesman Ken Golden blames lower commodity prices, falling farm income, and a sluggish construction sector. Golden says aggressive action by the company allowed it to be profitable despite falling sales. For the new fiscal year that just started, Deere is predicting sales will fall 7 per cent compared to 2015.