JOHN DEERE'S Q3 SALES & REVENUES DOWN 11%

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John Deere have announced that worldwide net sales and revenues decreased 11%, to $8.925 billion, for the third quarter of 2020 and declined 12%, to $25.809 billion, for nine months.

Net sales of the equipment operations were $7.859 billion for the quarter and $22.612 billion for nine months. This compares with $8.969 billion and $26.182 billion last year.

John C. May, chairman and chief executive officer said, "With outstanding support from our dedicated global workforce and dealer organisation, John Deere delivered a strong performance in the third quarter in the face of a serious global pandemic and uncertain market conditions.

"As we manage through the pandemic, Deere's number-one priority continues to be safeguarding the health and well-being of its employees. Thanks to aggressive measures taken early in the crisis, we have had success keeping our employees safe, our factories and parts centres functioning, and our customers served."

Deere said in an official statement that they are forecasting that net income attributable to Deere & Company this year will be about $2.25 billion for the full year. However, they say many uncertainties remain regarding the effects of the global pandemic that could negatively affect the company's results and financial position in the future.

In addition, the company has announced broad "employee-separation programs" that will be completed during the fourth quarter in support of its strategy to create what they describe as a "leaner, more agile organisation". The programs' total pretax expense included in the forecast is about $175 million with estimated annual savings of $175 million.

"Although unsettled market conditions and related customer uncertainty are expected to have a moderating effect on key markets in the near term, we believe Deere is well-positioned to help make our customers more profitable and sustainable," John C. May said.

"In addition, we are encouraged by the early benefits we are experiencing from the company's recently launched smart-industrial operating model. We're confident it will help accelerate our ability to deliver differentiated solutions to our customers, while contributing to improved efficiencies across the company."

To read a fuller breakdown of Deere's recently announced financial information, click here.