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 has introduced seven new startups to its 2022 Startup Collaborator program, enhancing its engagement with innovative technologies. The program allows selected startups, including Burro, Crop.Zone, and Four Growers, to test their solutions with John Deere's customers and dealers over a year. This initiative aims to create value in agricultural technology, facilitating collaboration between Deere and these startups without formal commitments. The program was initiated in 2019 and continues to focus on integrating external innovations into Deere's offerings.
John Deere (NYSE: DE) unveiled a fully autonomous tractor at CES 2022, designed for large-scale production. This innovative machine combines the 8R tractor with advanced features such as TruSet-enabled chisel plow and GPS guidance. The autonomous tractor addresses the challenge of feeding a projected global population increase of 50% by 2050, despite diminishing agricultural land and labor resources. Equipped with stereo cameras for obstacle detection and precision positioning, the tractor enables farmers to monitor operations through a mobile app. Availability is expected later this year.
John Deere (NYSE: DE) has agreed to acquire a majority stake in Kreisel Electric, a company specializing in advanced battery technology for e-mobility and stationary systems. This acquisition enhances Deere's capacity to integrate high-density battery solutions into its product lines and improve its sustainability goals. Kreisel's technology supports off-highway vehicles and aims to boost demand for electric propulsion systems. The deal is pending regulatory approval in Austria and is expected to close in approximately 60 days.
Deere & Company (NYSE: DE) announced the opening of a new office in Chicago, aiming to create 150 IT jobs within two years, ultimately reaching 300 positions. The facility will focus on eCommerce, cloud, and data analytics, integral to Deere's smart industrial strategy. Governor JB Pritzker highlighted the city's role in technology and agriculture. This investment, supported by an EDGE agreement from the Illinois Department of Commerce, solidifies Illinois' status as a leader in agricultural technology.
Deere & Company (NYSE: DE) has announced a regular quarterly dividend of $1.05 per share on its common stock. This dividend will be payable on February 8, 2022, to stockholders of record as of December 31, 2021. This declaration reflects the company's commitment to returning value to shareholders while maintaining financial stability.
Deere reported a strong fourth quarter with net income rising 69% to $1.283 billion, or $4.12 per share, driven by a 16% increase in net sales to $11.327 billion. Fiscal 2021 showed a net income of $5.963 billion, a 117% increase year-over-year. The company forecasts fiscal 2022 earnings between $6.5 and $7.0 billion amid robust demand for farm and construction equipment, despite anticipated supply chain challenges. With a new UAW contract in place, Deere reaffirms its commitment to workforce welfare and product quality.
On November 10, 2021, John Deere (NYSE: DE) was recognized as a CES® 2022 Innovation Awards Best of Innovation honoree in both the Robotics and Vehicle Intelligence & Transportation categories. This marks the third consecutive year the company has received this accolade. The award highlights John Deere's See & Spray technology, which utilizes computer vision and machine learning to optimize herbicide application in agriculture. The CES 2022 event will take place from January 5-8, 2022, in Las Vegas, NV.
On November 1, 2021, Deere & Company (NYSE: DE) announced the election of Leanne G. Caret to its board of directors. Caret, a seasoned manufacturing executive from The Boeing Company, brings over two decades of experience in aerospace and defense, making her a valuable addition. In 2020, Boeing generated approximately $35 billion in revenue from defense and space operations. Caret's diverse expertise is expected to enhance Deere's innovative strategies in smart industrial operations, further solidifying its leadership position. The board now consists of 12 members, with 11 being independent.
On October 14, 2021, the UAW initiated a strike against Deere & Company (NYSE: DE), impacting over 10,000 workers at 14 facilities in the United States. Deere's vice president of labor relations, Brad Morris, expressed the company's commitment to achieving a favorable outcome for employees and maintaining operations during the negotiations. However, the company currently lacks a timeline for resuming activities and concluding negotiations. The strike could have significant implications for the company’s operations and stock performance.
On October 10, 2021, the UAW announced that Deere & Company (NYSE: DE) production and maintenance employees voted against tentative collective bargaining agreements affecting over 10,000 workers at 14 U.S. facilities. Deere's VP of labor relations, Brad Morris, expressed disappointment but reiterated the company's commitment to the bargaining process while operations will continue as usual. The rejected agreements aimed to enhance wages and benefits for employees significantly.
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