Ag equipment manufacturers and dealers have in recent weeks released their quarterly earnings. Sales for equipment manufacturers and/or their agricultural segments largely improved the last three months. Meanwhile, Canada’s largest dealership network announced it was opening a used equipment outlet in Kansas, marking the most recent step in its foray into the U.S. in accordance with its 5 year growth plan.
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.
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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.