Net income attributable to Deere & Company was $649.2 million, or $1.83 per share, for the fourth quarter ended October 31, compared with $806.8 million, or $2.11 per share, for the same period of 2013.
Deere & Co. announced today that it will place approximately 460 employees who work in the company's Waterloo, Iowa operations on indefinite layoff in response to current market demand for its products.
Deere & Co, the world's largest maker of farm equipment, said it would indefinitely lay off more than 600 employees at plants in Illinois, Iowa and Kansas as falling grain prices hurt demand for tractors, harvesters and other agricultural machinery.
Deere & Co. reported Wednesday that its first quarter net income increased about 5 percent, a record for a first quarter and the 15th consecutive record year-over-year quarterly earnings.
Deere & Co. expects equipment sales to be up 10 to 12% for fiscal 2011 and up about 34% for the first quarter compared with the same periods of the previous year.
Deere & Co.'s Waterloo Foundry update is not only good for the Cedar Valley, it's a great move for the company, according to an industry analyst who is considered an expert on the Moline, Ill.-based company.
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