Iowa’s largest manufacturing employer is reporting foul financial news, as Radio Iowa’s Matt Kelley reports:
Quad Cities-based John Deere reports net sales for the second quarter fell 18-percent while net income plummeted from $1.1 billion dollars a year ago to nearly $666 million this quarter. That’s a drop of 41-percent. With the pandemic, a Deere news release says the company’s top priorities are to safeguard the health and well-being of employees while fulfilling obligations to customers. Production is halted at Deere’s factories in Dubuque and Davenport that make construction and forestry equipment. The company projects worldwide sales of agriculture and turf equipment will fall 10 to 15-percent this year.