Focused on Safe Operations, Deere Reports Second Quarter Net Income of $665.8 Million

MOLINE, Ill., May 22, 2020

Worldwide net sales and revenues decreased 18 percent, to $9.253 billion, for the second quarter of 2020 and decreased 13 percent, to $16.884 billion, for six months. Net sales of the equipment operations were $8.224 billion for the quarter and $14.754 billion for six months, compared with $10.273 billion and $17.214 billion last year.

"John Deere's foremost priority in confronting the coronavirus crisis has been to safeguard the health and well-being of employees while fulfilling its obligation as an essential business serving customers throughout the world," said John C. May, chairman and chief executive officer. "We've had good success in these areas thanks to the proactive measures we have taken to keep employees safe and our production facilities and parts distribution centers operational. At the same time, the company has reached out to our local communities to help those in need as a result of the pandemic. Deere and its employees have provided generous support to area food banks and other organizations offering assistance during this difficult time."

COVID-19 Response and Actions

The company is executing its plan to address the impact of COVID-19 through a number of key actions, as described below:

Safeguarding and Supporting Employees. Deere's first priority is the health, safety, and overall welfare of our employees. Protecting the workforce is essential for the company to deliver on its commitment to customers and fulfill its role as an essential business. Deere has proactively implemented health and safety measures at its operations around the world. These measures include employee health screening, additional personal protective equipment, social distancing guidelines, enhanced cleaning and sanitation efforts, and staggered production schedules.

Supporting Dealers and Customers. Because maintaining customer uptime is critical to delivering value to our customers, Deere continues to produce and ship machinery and repair parts to meet demand. Responding to this demand in the face of the pandemic has been a challenge as a result of various regulatory, economic, and other barriers that have affected production facilities and the supply chain. The company is represented by a world-class dealer channel that has continued operating throughout the crisis. Leveraging digital tools and connected-support abilities has allowed our dealers to remotely service customer machines and maintain appropriate social distancing protocols. Measures to ensure continuity of operations have helped customers continue the essential work of promoting food security and providing critical infrastructure. Additionally, John Deere Financial has provided continuous financing through the duration of any COVID-19 disruptions.