Deere & Co. reports dips in sales and net income

Deere & Co. reported dips in sales and net income for both the recently completed quarter and the entire fiscal year during an earnings call Thursday morning. The company reported a net income of $1.25 billion for its fourth quarter, which ended Oct. 27, compared to $2.37 billion for the same quarter last year. Net income is $7.1 billion for the entire fiscal year — which also ended Oct. 27 — compared to $10.17 billion last fiscal year. The company’s construction and forestry division, which includes John Deere Dubuque Works, reported $2.66 billion in net sales during the fourth quarter, down from $3.74 billion in the same quarter last year. Operating profits for the division were $328 million, down from $516 million last year.