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.
Deere & Company (NYSE: DE) reported a substantial rise in fourth-quarter net income, reaching $2.246 billion or $7.44 per share, up 75% from the previous year. Fiscal 2022 net income was $7.131 billion, a 20% increase year-over-year. Net sales surged 37% in Q4 to $15.536 billion, with full-year sales climbing 19% to $52.577 billion. The company forecasts fiscal 2023 net income between $8.0 billion and $8.5 billion, driven by strong demand for agricultural and construction equipment.
The LEAP Coalition has partnered with the Center for Heirs' Property Preservation to address barriers faced by Black farmers regarding heirs' property. Established by John Deere, the National Black Growers Council, and the Thurgood Marshall College Fund, the coalition aims to enhance Black farmers' livelihoods. The Center provides legal assistance to clear property titles, crucial for enabling sustainable land use and generational wealth. John Deere's investment will expand the Center's resources, aiding families in securing clear titles and preserving their land.
Deere & Company (NYSE: DE) will conduct its fourth quarter 2022 earnings call on November 23, 2022, at 9:00 a.m. central time. The earnings call is intended for analysts, investors, and the financial community to review the company's financial and operational performance. Interested parties can access the call via www.JohnDeere.com/earnings, where a recording will also be available afterwards. Deere continues to lead in providing advanced products and technology in agriculture and construction sectors.
On November 11, 2022, Deere & Company (NYSE: DE) announced a partnership with the U.S. Army Reserve Private Public Partnership Office to assist service members transitioning to civilian careers. The agreement enhances access to education and skills development for active-duty soldiers moving into the reserves, addressing high unemployment rates among veterans. Since joining the SkillBridge program in August 2020, over 395 service members have filled critical roles at Deere. This initiative aims to improve financial stability for veterans and support local community growth.
Deere & Company (NYSE: DE) has announced a partnership with Advantage Capital's Empower the Change growth fund, committing $500 million over three years to support entrepreneurs of color. This initiative aims to enhance diversity within the agricultural supply chain, fostering community wealth and equitable opportunities. The partnership reflects Deere's commitment to social and economic change in underrepresented communities. Historically, Deere has worked with various organizations to strengthen Black farmers' livelihoods, demonstrating its focus on promoting equity in agriculture.
Deere & Company (NYSE: DE) has partnered with Iowa State University to create a demonstration farm aimed at testing sustainable agricultural practices over a five-year cycle. The 80-acre site will focus on four distinct crop production systems, measuring key metrics like productivity, soil health, and water quality. This initiative aligns with Deere's Leap Ambitions for enhancing economic value and sustainability for farmers. The partnership also aims to provide educational opportunities and practical farming solutions based on real-world challenges.
Deere & Company (NYSE: DE) has received validation from the Science Based Targets initiative (SBTi) for its emissions reduction targets, aligning with requirements to limit global warming to 1.5°C. The company aims to decrease its absolute scope 1 and 2 greenhouse gas emissions by 50% by 2030, compared to 2021 levels, and reduce its scope 3 emissions by 30% in the same timeframe. This acknowledgment supports Deere's sustainability strategy, which includes commitments to product circularity and reducing environmental impact while providing greater value to customers.
Deere & Company (NYSE: DE) has appointed Justin R. Rose as President of Lifecycle Solutions, Customer Support & Supply Management, effective October 31, 2022. Rose, formerly a senior partner at Boston Consulting Group, will lead aftermarket services and logistics, focusing on the company's customer-success and recurring-revenue strategies. His experience includes developing Deere's Smart Industrial strategy and managing BCG's North American industrial-goods practice. CEO John C. May emphasized Rose's global perspective and industry insights as key to achieving ambitious business goals.
On September 30, 2022, employees of John Deere's Horicon Works ratified a new four-year collective bargaining agreement with the International Association of Machinists and Aerospace Workers (IAM) Local 873. The contract, which covers 900 workers, was overwhelmingly approved with over 80% in favor. This agreement is seen as a step towards economic progress for employees while ensuring John Deere's competitiveness. The Horicon facility is notable for producing key products like the Gator utility vehicle and lawn tractors, with a long-standing presence in the community since 1911.
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