John Deere Reports Net Income Down

John Deere has reported a net income of $1.734 billion in the third quarter of 2024 – all in the wake of mass layoffs at plants in Waterloo, Dubuque and Moline, IL in recent months. More than 1,000 workers in Iowa alone have been impacted by layoffs. According to their report, Deere had a $6.29 price per share ending on July 28 – a decrease from $10.20 per share one year ago. For reference, the company reported a $2.978 billion net income in its third quarter in 2023. Worldwide net sales and revenue decreased 17% to $13.152 billion in the most recent quarter. Net sales were $11.387 billion for the third quarter and $35.484 billion for the first nine months of the year, compared with $14.284 billion and $41.765 billion last year.