In the 2015/16 financial year (31 October), US-American Deere & Company generated turnover of US$4.900bn with its construction and forestry machinery. Source: Euwid
The associated decline of 18% therefore matches the last turnover forecast quoted after the third quarter.
Prior to that, forecasts had been continually corrected.
One year ago, Deere had forecast a year-on-year fall in turnover in the 2015/2016 financial year for the Construction and Forestry division of 5%.
After the first quarter, that forecast had been adjusted to minus 11%, after the second quarter to minus 13% and after the third quarter to minus 18%.
The adjustments had become necessary after turnover in the respective quarters had shown weaker trends than expected.
Revenues generated with construction and forestry machinery declined year-on-year by 23% to US$1.17bn in the first quarter, by 16% to US$1.365bn in the second quarter and by no less than 24% to US$1.157bn in the third quarter.
In the fourth quarter, not least on account of the base effect, turnover was down by only 5% to US$1.209bn.
