Last week, Deere & Co. reported its second-quarter net sales and revenues were down by 9% to $9.9 billion and net sales and revenue, and net income fell to $981. Overall, worldwide equipment sales fell by 10% to $9.2 billion.
In current dollars ” ignoring the effects of inflation,” U.S. net farm income is forecast to exceed $122 billion in 2012 and net cash income is expected to exceed $139 billion, both record nominal values.
Farm machinery make Deere & Co. plans to open a tractor factory in Argentina, as the administration of President Cristina Kirchner seeks to reduce the country's dependence on imported manufactured goods.
AGCO Corp. reported net sales of approximately $1.3 billion for the first quarter of 2010, a decrease of approximately 13.3% compared to net sales of approximately $1.5 billion for the first quarter of 2009.
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