Third quarter earnings down for Deere - KWWL - Eastern Iowa Breaking News, Weather, Closings

Third quarter earnings down for Deere

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MOLINE, Ill. (KWWL) -

This morning, Deere & Company released its third quarter earnings report.

Net income was $489 million, compared to $512 million over the same time period a year ago.

Worldwide net sales and revenues decreased 11%.

"John Deere's performance in the third quarter reflected the continuing impact of the global farm recession as well as difficult conditions in construction equipment markets," said Samuel R. Allen, chairman and chief executive officer. "Deere continues to perform well in the face of challenging market conditions, particularly in relation to agricultural downturns of the past. This underscores the success of our efforts to develop a more durable business model and a wider range of revenue sources," said Allen. 

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