Welcome to our dedicated page for Deere & Company news (Ticker: DE), a resource for investors and traders seeking the latest updates and insights on Deere & Company stock.
Deere & Company, commonly known as John Deere, is a leading American corporation specializing in the design, manufacture, and distribution of agricultural machinery, heavy equipment, forestry machinery, diesel engines, and lawn care equipment. With a robust portfolio, Deere & Company operates through four key segments: production and precision agriculture, small agriculture and turf, construction and forestry, and John Deere Capital. These segments collectively address the diverse needs of customers by providing cutting-edge machinery and comprehensive financial services.
Deere’s production and precision agriculture segment delivers innovative solutions for high-production farming operations, while the small agriculture and turf segment caters to smaller-scale farms and lawn care needs. The construction and forestry division supports large-scale construction and forest management projects with reliable, high-performance equipment. John Deere Capital plays a crucial role by offering retail and wholesale financing solutions, thereby facilitating the purchase of Deere machinery through its extensive dealer network, which includes over 2,000 locations in North America and approximately 3,700 locations globally.
Recent achievements include the launch of the 2024 Startup Collaborator program and the introduction of new Model Year 2025 equipment, enhancing the company’s commitment to innovation and customer satisfaction. John Deere’s financial performance remains strong, with a reported net income of $2.370 billion for the second quarter of 2024 and significant investments in technologies such as the John Deere Autonomous 8R Tractor, See & Spray™, and E-Power Backhoe, designed to meet global demands for food, shelter, and infrastructure.
The company’s strategic vision centers on the Smart Industrial Operating Model, emphasizing the development of advanced solutions that increase productivity and sustainability. Despite fluctuating market conditions, Deere & Company remains focused on disciplined execution and continuous investment in customer-centric innovations to drive future growth and resilience.
In response to the devastating floods in Rock Valley, Iowa, John Deere and its employees have rallied to offer support to the affected community. The floods, which have damaged over 500 homes, have also displaced 24 Deere employees. Approximately 15 Deere employees are volunteering in recovery efforts, while another 10 are covering for colleagues who are unable to work. The support includes essential supplies such as bleach, diapers, gloves, pressure washers, and non-perishable food items. John Deere exemplifies values of compassion and solidarity, encouraging donations through verified accounts like Friends of Rock Valley via PayPal or Venmo.
John Deere has announced a two-year, $100,000 commitment to the USO, aimed at supporting military service members and their families. This partnership will enable John Deere employees and customers to assist service members in transitioning to civilian life through mentorship and career planning programs. John Deere has a long history of supporting the military, dating back to World Wars I and II.
The sponsorship will fund several USO initiatives, including the USO Campaign to Connect, Transition Assistance, Mentorship Program, and local USO activities. These programs will offer support and career opportunities to military personnel and their families, reinforcing John Deere's commitment to the well-being of America's service members.
John Deere Foundation is partnering with the University of Iowa (UI) and Davenport Community School District (DCSD) to create the John Deere Scholars Program. This $6.6 million initiative aims to enhance access to higher education for Iowa high school students. Starting this fall, college readiness courses will be offered to seniors from low- to middle-income families at several Davenport high schools. In spring 2025, the program will award 20 scholarships annually (60 in total over three years), covering 90% of Iowa's college costs. Scholarship recipients will also receive leadership training, mentorship, field experience, and networking opportunities.
The Deere & Company Board of Directors has declared a quarterly dividend of $1.47 per share.
This dividend will be payable on August 8, 2024, to stockholders who are recorded as of June 28, 2024.
This announcement is a continuation of the company's commitment to returning value to its shareholders.
Deere & Company (NYSE: DE) reported a net income of $2.370 billion for the second quarter of 2024, down from $2.860 billion in the same period in 2023. Earnings per share fell to $8.53 from $9.65. For the first six months, net income was $4.121 billion, a 14% decrease from last year's $4.819 billion. Revenues for the second quarter declined 12% to $15.235 billion, while six-month revenues fell 9% to $27.420 billion. The company forecasts a full-year net income of approximately $7.0 billion, adjusting for market volatility in agriculture and turf demand. Construction remains stable. Financial services income grew significantly, overcoming higher credit losses and unfavorable financing spreads.
John Deere (NYSE: DE) has been named to The Civic 50 for the third consecutive year, recognizing the company's extensive community engagement and volunteerism efforts. In 2023, John Deere set new records by contributing $74.5 million to nonprofit organizations and volunteering over 260,000 hours. The company also announced three multi-year grants totaling $19 million to combat hunger and mentored over 113,000 students through its Inspire School program. This achievement highlights John Deere's commitment to social impact and civic engagement, earning them a gold medal for ranking second overall in community investment.
Deere & Company (NYSE: DE) will hold its second quarter 2024 earnings call on May 16, 2024, at 9:00 a.m. central time. The company will discuss its financial and operating performance with analysts and investors. Deere is a global leader in agriculture and construction technology.
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