Deere and Company are reporting decreased sales for the fiscal year and the fourth quarter, which ended October 31st.
Net income for the fourth quarter was $285.3 million, down 19 per cent from 2015.
For the year, net income was down $416 million.
Deere reports worldwide net sales and revenues decreased by 3 per cent in the final quarter and 8 per cent on the year.
Net sales of worldwide equipment was down by 9 over the last 12 months.
Chairman and CEO Samuel R. Allen feels John Deere had a successful year in spite of a poor global ag equipment industry.
He says the company had one of its top-ten years in both sales and earnings, which was a great achievement in such a difficult business climate.
The news was solid enough for investors yesterday, as Deere and Company's stock rose by 10 per cent.
The company is still projecting equipment sales to be down another 1 per cent in 2017.
