Deere & Co. remains confident about producing to demand during fiscal year 2025, JP Morgan (JPM) analysts reported following a virtual meeting with Deere Director of Investor Relations Josh Beal in early October.
Since March, Deere & Co. has cut 773 jobs in Iowa alone, according to Iowa’s WARN log as of June 11. The latest cuts — 120 employees at the Seeder and Cylinder plant in Moline, Ill. — were announced June 5.
Deere & Company reported net income of $1.884 billion for the third quarter ended July 31, 2022, compared with net income of $1.667 billion for the quarter ended August 1, 2021.
Deere's production and precision agriculture sales increased for the quarter due to price realization and higher shipment volumes. Operating profit rose primarily due to price realization and higher shipment volumes/sales mix.
Deere & Co.'s worldwide net sales and revenues increased 16%, to $11.327 billion, for the fourth quarter of fiscal 2021 and rose 24%, to $44.024 billion, for the full year.
Despite a strong performance in Deere & Co.’s third quarter, supply chain challenges persisted and in some cases became more complicated, says Ryan Campbell, Deere’s chief financial officer.
In a July 2020 note to investors, Mircea (Mig) Dobre, discussed how the shares of farm equipment manufacturers had held up compared to other machinery companies despite difficult industry fundamentals.
While some positive signs are emerging for large equipment sales in the production segment of the agricultural industry, sales of small equipment and other rural lifestyle products is where the real action is these days. In addition to the record-setting sales of compact tractors, other segments of this market are also booming.
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There was plenty of technology on display at the World Dairy Expo in Madison, Wis., a few weeks ago. Farm Equipment editor Mike Lessiter caught up with Monarch Tractor’s John Issacson and got his take on the top 5 applications in autonomy right now.