Deere & Co - DE STOCK NEWS

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.

Deere & Company (NYSE: DE) has issued a request for proposals (RFP) to enhance satellite communications (SATCOM) for its fleet of intelligent machines. This initiative aims to improve satellite connectivity for customers, enabling them to leverage innovative technologies that require real-time data and communication. The company seeks strategic partnerships to connect both new and retrofitted machines through SATCOM, leading to increased productivity and efficiency in agriculture. The effort reflects Deere's commitment to support global food and fuel production.

SAS will host the MFG Day kickoff event on October 5, 2022, in Cary, N.C., focused on AI, machine learning, and IoT analytics in modern manufacturing.

This event will feature discussions with manufacturing leaders from Deere & Company (DE), Johnson Controls International (JCI), and others, showcasing innovations in analytics-driven manufacturing.

Streaming live, the event will highlight career opportunities and advancements in technology, aiming to inspire the next generation of manufacturing professionals.

Deere & Company (NYSE: DE) has appointed Josh Jepsen as the new Chief Financial Officer, effective September 16, 2022. Jepsen, who has 23 years of experience at Deere, previously served in various financial roles, including Manager of Commercial Operations and Director of Investor Relations. His broad experience and leadership skills were highlighted by CEO John C. May, emphasizing the importance of sustainability and strategic execution for stakeholders. Jepsen succeeds Raj Kalathur, who remains President of John Deere Financial.

The Deere & Company (NYSE: DE) Board of Directors has declared a quarterly dividend of $1.13 per share on its common stock. This dividend will be payable on November 8, 2022, to stockholders who are on record as of September 30, 2022. This decision reflects the company's commitment to returning value to its shareholders.

Deere reported a 25% increase in third-quarter net sales, reaching $14.102 billion, with net income of $1.884 billion, or $6.16 per share. Year-to-date, net income stands at $4.885 billion. The company revised its full-year earnings outlook to $7.0-$7.2 billion, attributing growth to production increases despite ongoing supply-chain challenges. Operating profits in Production & Precision Agriculture climbed 43%, while Small Agriculture & Turf faced a 5% profit decline amid rising costs. Deere anticipates steady demand for 2023, supported by strong order books and customer fundamentals.