Third quarter total sales increased by $16,927, or 9.2%, to $200,994 from $184,067 during the same period in 2019, due to higher sales in all categories.
On the financial side, RME reported that total sales decreased 2.3% or $5.4 million to $233.4 million compared with $238.8 million for the same period in 2017. Gross profit declined by 6.6% or $2.6 million to $36.2 million from $38.8 million for the same period in 2017. Early snowfalls across the Canadian Prairies stalled harvest activity throughout mid- to late-September, decreasing in-season demand across all categories.
Rocky Mountain Dealerships, Canada’s largest ag equipment dealer which handles Case and New Holland-branded equipment, reported that its total second half sales increased by nearly 28%, or $66 million, to $303 million vs. $237 million in the same period last year.
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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.