John Deere's net income down 41 percent due to the pandemic
Deere and Company says its worldwide net sales are down 18 percent and its net income is down 41 percent for the second quarter of 2020.
The Moline-based company reported net income of $665.8 million, or $2.11 per share, for the second quarter, which ended on May 3. That's compared to the net income of $1.134 billion, or $3.52 per share, for the quarter ending on April 28, 2019.
Deere says it is taking actions to strengthen the company's financial position, including reducing operating expenses, decreasing capital spending budgets, and other actions to preserve liquidity. Additionally, the company says it is raising about $4.5 billion in medium to long-term funding.
"We remain committed to offering a full suite of advanced digital tools that give our customers unique capabilities and help them do their work more efficiently and profitably," said John C. May, chairman and chief executive officer. "As a result, we’re confident the company will successfully manage the pandemic’s effects and strengthen its position serving customers in the future.
Deere says it has implemented safety measures for its employees, dealers and customers during the pandemic. It has also made donations of face shields and coverings to healthcare and first responders, and contributed to local food banks and Red Cross chapters.