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(Moline, IL) -- Leaders at Deere & Company are citing recent layoffs at the ag equipment manufacturer's factories and offices for helping the company beat third-quarter revenue projections.
John May, Deere & Company, CEO says the layoffs were "all about taking out excess costs and restructuring the business to function in a much leaner environment."
Deere's stock is up on reported income of over 1.7-billion dollars for Q3, despite sales and revenue decreasing 17-percent for the quarter, and 11-percent so far this year.
Deere has laid off more than 15-hundred production, and salaried workers in the past twelve months.
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