Deere and Company announced record first quarter profits Wednesday. On Thursday the company laid off 120 workers in the Quad Cities.
Despite earning over $680 million, the world’s largest maker of farm equipment says it is predicting a slowdown in the farm equipment market in months to come.
Commodity prices are expected to drop after a bumper crop in 2013. The company expects that to affect new purchases of farming equipment.
Deere cut more than 100 jobs from its Ankeny factory last fall.