Deere & Co. has reported that quarterly profits plunged 41% from a year ago as the COVID-19 pandemic disrupted operations.
The manufacturer earned $665.8 million as worldwide net sales fell 18% to $9.25 billion. Equipment sales fell by 20%, agriculture and turf sales fell 18%. Construction and forestry sales fell by 25%.
The company raised $4.5 billion through medium and long-term funding as well as cut operating expenses and capital spending. Deere & Co. had $8.9 billion in cash at the end of March.
“We’re confident the company will successfully manage the pandemic’s effects and strengthen its position serving customers in the future,” CEO John May said in a statement.