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.
Used equipment inventories remain elevated. And while they are not as high as they were in 2023 and early 2024, Andy Campbell said it’s still too much pressure for this market to take.
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.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Deere Director of Investor Relations Josh Beal told JP Morgan analysts that the OEM is confident it will be “producing to demand” in fiscal year 2025.