Deere News
Farm Machinery leader, Deere and Company reported agriculture and turf sales fell 25 per cent in the fourth quarter.
It’s forecasting worldwide sales of it’s agriculture and turf equipment will fall by about 8 per cent for the fiscal-year 2016.
Deere reports that the farm machinery industry sales for agri equipment in the U-S and Canada are expected to be down 15 to 20 per cent for 2016 – with the biggest declines in higher-horsepower models.
Farmers are avoiding new machinery purchases because of low commodity prices for grain and falling farm incomes.
Deere reports an overall drop in net income for fiscal 2015 of about 1.2 billion dollars from 2014.
CEO Samuel Allen remains optimistic, pointing out the lower overall equipment sales numbers were still the sixth-highest in the company’s history.
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