(Moline) Deere and Company beat third-quarter earnings expectations, reporting income of over one-point-seven billion dollars. Deere & Company CEO John May says recent layoffs are expected to help the Company maintain its annual forecast of 7 billion in income.
“It is all about taking out excess costs and restructuring the business to function in a much cleaner environment,” stated May. “While the change is complex and challenging for the employee, it’s the right thing to do.
The ag equipment manufacturer’s stock is up six percent on the news despite sales and revenue decreasing 17 percent for the quarter and eleven percent so far this year. Deere has laid off more than 150 people this year, both in its factories and among its salaried workforce.
“We’ve made challenging decisions impacting our factory and offices to ensure our cost structure aligns with current market demand, ” said John May.
Deere & Company CEO John May says the Company is making hard decisions.
