May 22, 2020 / 10:24 AM / 3 days ago

Deere profit slumps 41% as farm equipment demand crashes

May 22 (Reuters) - Deere & Co reported a 41% fall in quarterly profit on Friday as coronavirus-led lockdowns sapped demand for its tractors, harvesters and other machinery.

Net income attributable to the company fell to $666 million, or $2.11 per share, for the second quarter ended May 3, from $1.14 billion, or $3.52 per share, a year earlier.

Total net sales fell 20% to $8.22 billion. (bit.ly/2A3mEn2) (Reporting by Ankit Ajmera and Shreyasee Raj in Bengaluru; Editing by Arun Koyyur)

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