Deere Issues 4th Quarter Earnings Report

(Radio Iowa) Iowa’s largest manufacturing employer is reporting fourth-quarter results.

Deere & Company is reporting net income of $351 million, or $1.08 per share, for the quarter, which ended October 31st. That's down from $649 million, or $1.83 per share, for the same period a year ago.

Net income for the 2015 fiscal year was also down - $1.9 billion compared with $3 billion a year ago.

Worldwide net sales and revenues plummeted 25 percent for the fourth quarter and 20 percent for the full year.

Samuel R. Allen, is chairman and CEO of the Moline, Illinois-based company. He says Deere has completed a successful year in the face of further weakness in the global agricultural sector and a slowdown in construction-equipment markets. Allen says sales and earnings for the year were the sixth highest in company history despite challenging market conditions.