- Deere reported that its second quarter revenue declined 9% to $9.948 billion mainly due to difficult comps the company had after registering an exceptional second quarter the previous year.
- The company has a history of recovering quickly after a weakness in the corn cycle. In fact, Deere has recorded record earnings in 8 of the last 10 years.
- The company’s Construction and Forestry segment posted an impressive 19.4% growth during the third quarter driven by strong housing construction activity in U.S. Construction spending.
- Housing starts were up 7.5% in May, 7.6% in June, and 21.7% in July.