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.
Deere & Co. reported consolidated net sales and revenues of $8.9 billion during its third quarter ended Aug. 2, 2020 vs. $10 billion in the same period a year earlier, a decline of 11%. Equipment operations came in at $7.9 billion during the period compared to nearly $9 billion last year, also a drop off of 12%.
Each monthly issue of Ag Equipment Intelligence is like getting one-on-one personal advice from the world's most trusted ag equipment industry experts. Advice that hasn't been watered down or distorted by outside influence, providing the latest and most insightful farm equipment analysis. AEI explores where the ag equipment industry is going — not just where it's been. No filler. No bias. No conflict of interest. You can access the PDF issue archive by clicking here.
Precision ag pioneer Al Myers is a member of the Farm Equipment Shortline Legends Hall of Fame 2024 class. It’s been almost 35 years since the Ag Leader founder introduced the groundbreaking Yield Monitor 2000.