Despite a big drop in quarterly profits, John Deere remains optimistic about the future. Today the company reported third quarter net income fell 40 per cent, or more than 300 million dollars, compared to last year.
Spokesman Ken Golden says demand for farm equipment has fallen worldwide, but especially in the US and Canada.
Sales for the ag and turf division dropped 24 per cent, and 13 per cent for construction equipment. And Deere predicts overall sales for the year as a whole will fall 21 per cent.
But Golden says the long-term outlook for the company is still very good.
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People eating better, growing population, need for infrastructure.
Deere is now predicting full-year profits of 1.8 billion dollars, compared to 3.1 billion last year - which was the second highest ever for the company.
