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.
The Board of Directors of Deere & Company (NYSE: DE) has announced a quarterly dividend of $1.25 per share. This dividend is set to be paid on May 8, 2023, to shareholders on record as of March 31, 2023. The new dividend rate reflects an increase of 5 cents per share compared to previous dividends, demonstrating the company's commitment to returning value to its shareholders.
Deere & Company reported a remarkable 34% net sales gain and strong earnings in Q1 2023, with net income reaching $1.959 billion or $6.55 per share, compared to $903 million or $2.92 per share in Q1 2022. Worldwide net sales increased 32% to $12.652 billion. The company raised its full-year net income forecast to $8.75 billion - $9.25 billion. Notably, Production & Precision Agriculture segment saw a 55% increase in sales. However, Financial Services net income dropped by 20% due to unfavorable financing spreads. The outlook for fiscal 2023 remains optimistic amid healthy demand for equipment.
Deere & Company (NYSE: DE) will host its Q1 2023 earnings call on February 17, 2023, at 9:00 a.m. CT. The call aims to provide insights into the company's financial and operational performance to analysts and investors. All interested parties can access the earnings call through www.JohnDeere.com/earnings, where a recorded version will be made available afterward. As a leader in advanced agricultural and construction products, Deere continues to cater to a growing global demand for resources.
John Deere unveiled innovative technologies during CES 2023, including ExactShot and an electric excavator. ExactShot enables farmers to reduce starter fertilizer usage by over 60%, improving cost-efficiency and environmental sustainability. This technology could save more than 93 million gallons of fertilizer annually. The electric excavator, powered by Kreisel batteries, promises lower operational costs, reduced noise, and zero emissions while enhancing reliability. These advancements aim to support farmers' productivity and meet the increasing global demand for food as the population grows.
John Deere (NYSE: DE) announced a record $55.5 million in community investments for 2022, a 30% increase from the previous year, which exceeds its commitment of investing at least 1% of average net income. The John Deere Foundation contributed $22.1 million to this total, supporting initiatives aimed at combating hunger. Notably, over $3 million was allocated to food banks, and nearly $5 million aimed at helping 3.8 million farmers enhance their food security. Deere's employees also volunteered 174,518 hours in support of these causes.
On December 7, 2022, Deere & Company (NYSE: DE) announced a quarterly dividend increase of $1.20 per share, payable on February 8, 2023, to shareholders recorded by December 30, 2022. This new dividend represents a 6% boost, adding 7 cents to the previous rate. This increase reflects the company's ongoing commitment to delivering value to its shareholders and confidence in its financial stability.
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