John Deere sees a bright year ahead
The manufacturer of agricultural machinery Deere has greatly increased expectations for the rest of the year. In May, the company estimated that the net profit for the whole year would be between 1.6 billion and 2 billion dollars. Now Deere thinks he’s going to make a profit of $ 2.25 billion.
The company benefits, among other things, from rising sales figures in North America, where farmers replace their obsolete car parks. In particular, smaller tractors have recently been more traded. However, that was not enough to compensate for a declining global turnover due to the coronacrisis. Deere has cut spending and investment in the last quarter, including job losses.
Worldwide turnover decreased by 11% in the last quarter to EUR 8.9 billion on an annual basis. Under the line there was a profit of $ 811 million, compared to $ 900 million last year.