Due to the corona crisis, fewer tractors, combines and combines were sold to farmers. Machines for the construction sector and forestry were also less popular. In addition, Deere faced supply chain problems.
Net profit for the second quarter was $ 666 million compared to $ 1.1 billion a year earlier. Sales fell 18 percent to $ 9.3 billion. Deere reported profit for the full fiscal year of $ 1.6 billion to $ 2 billion, but claims that many are uncertainties due to the corona crisis. In the previous fiscal year, a profit of nearly $ 3.3 billion was realized.
Deere says significant spending and investment cuts are being made to cope with the impact of the virus outbreak. The company has also raised billions in additional funding to strengthen its financial buffers.
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