John Deere’s quarterly sales and profit estimates beat expectations. Net income fell 41 percent to $665.8 million, or $2.11 per share in the quarter, but beat analysts’ average estimate of $1.62 per share, according to Reuters.
Equipment sales declined 20 percent to $8.22 billion, topping expectation of $7.69 billion.
Agriculture and turf sales decreased for the quarter due to lower shipment volumes and the unfavorable effects of currency translation.
The new forecast from the company expects farm and turf equipment sales to fall between 10 percent and 15 percent this year.
Net income attributable to Deere and Company is forecast to be in a range of $1.6 billion to $2 billion for the full year.
However, many uncertainties remain regarding the effects of the COVID-19 global pandemic that could negatively affect the company’s results and financial position in the future.
A news release states, “Uncertainties related to the magnitude and duration of the COVID-19 pandemic may significantly adversely affect the company’s business and outlook.”