Farm equipment

Thanks to a strong second quarter, Deere and Company has raised its outlook for the year. Friday the company reported earnings rose to $802 million or $2.49 per share, compared to $1.56 a year ago.

John Deere

John Deere has announced more layoffs at two eastern Iowa plants, including one in the Quad Cities. Spokesman Ken Golden says 115 workers in Waterloo will be laid off, effective September 23rd and in Davenport, a week later.

Factory building with farm equipment parked outside
Michelle O'Neill / WVIK News

John Deere plans to lay off 120 workers at the Harvester Works in East Moline. Today, the company told the production workers who will be placed on indefinite layoff  September 6th.

Screen shot of farm equipment sales projection for Deere fy 2016
http://ow.ly/Vhg4Z / Deere.com

Deere and Company will layoff more workers in the Quad Cities. In a press release, the company says 220 employees at John Deere Seeding and Cylinder in Moline will be laid off on February 15th, 2016.

The news reflects last week’s earnings report, and predictions that farm equipment sales will decrease next year. Deere says it changes number of employees at specific factories based market demand for their products.

http://investor.deere.com/files/doc_financials/quarterly_earnings/2015/Conference-Call-Information-Slides.pdf / John Deere

Deere and Company has been preparing investors for lower profits. And this morning, it announced first quarter earnings totaled nearly $387 million. That's $1.12 per share, compared to $1.81 last year. Worldwide sales declined 17 percent.

4th Quarter Earnings 2014 Conference Call, slide #34 / Deere & Company

Deere and Company is already prepared for next year's downturn in agricultural markets. That's according to today's earnings report.