Deere & Co. Cites Strike for $139-Million Loss
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Deere & Co. posted a $139.7-million net loss for its fourth quarter, blaming the effects of a 2-month-old strike at its agricultural and industrial equipment facilities.
The farm implement manufacturer said the loss in the quarter ended Oct. 31 compared to net income of $19.4 million in the same period a year earlier.
Sales for the quarter fell to $818 million from $1.1 billion.
The company noted that the fourth quarter included two months of the 109-day-old labor dispute with the United Auto Workers that has all but shut down Deere’s production facilities.
For the fiscal year, the Moline, Ill.-based firm reported a loss of $229.3 million, compared to a profit of $30.5 million a year earlier.
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