Deere & Co Stock Price, News & Analysis

On May 25, 2022, Deere & Company (NYSE: DE) announced a quarterly dividend increase to $1.13 per share, payable on August 8, 2022. This marks an 8% increase from the previous dividend rate, reflecting the company's strong performance and confidence in future growth, according to CEO John C. May. Shareholders of record by June 30, 2022 will receive this dividend. However, forward-looking statements in the release highlight potential risks linked to economic conditions and geopolitical uncertainties that could impact financial outcomes.

Deere & Company (NYSE: DE) reported a 17% increase in net income to $2.098 billion for Q2 2022, with earnings of $6.81 per share, compared to $1.790 billion or $5.68 per share in Q2 2021. Net sales rose 11% to $13.370 billion, driven by strong demand despite supply chain challenges. The company raised its full-year earnings forecast to $7.0-$7.4 billion, including a $220 million gain from special items. Outlook remains positive for agriculture equipment demand, despite inflationary pressures.

The John Deere Foundation has announced a $1 million donation to the World Food Program USA to combat global food insecurity, largely aggravated by the Ukraine crisis. The grant is split equally, with half supporting the humanitarian efforts of the UN World Food Programme and the other half aimed at scaling innovations for zero hunger. This follows previous contributions of $250,000 in 2022 and $500,000 in 2021. John Deere's support has positively impacted the lives of 9 million people, including 2.2 million smallholder farmers, highlighting the company's commitment to addressing hunger.

Deere & Company (NYSE: DE) has announced a multi-year charitable partnership with golfer Daniel Berger, committing $100,000 to support various charitable organizations instead of a traditional win bonus. Berger will showcase a John Deere branded golf bag during his debut at The Masters and will participate in the John Deere Classic, scheduled for June 27-July 3. This partnership underlines both parties' dedication to giving back to the community and enhancing the sport of golf.

John Deere (NYSE: DE) announced enhancements to its Customer Service ADVISOR tool, enabling customers and independent repair shops in the U.S. to purchase it directly from JohnDeereStore.com in May 2023. This tool will allow users to remotely download secure software updates to embedded controllers, improving self-repair capabilities. John Deere aims to provide more autonomy and uptime for equipment owners, reflecting its commitment to innovation and customer support. The expanded accessibility will empower customers to manage their equipment more effectively.

On February 28, 2022, John Deere (NYSE: DE) announced its acquisition of full ownership of three Deere-Hitachi joint venture factories. This marks the end of the joint venture manufacturing and marketing agreements with Hitachi Construction Machinery, initially announced in August 2021. The factories will now produce only Deere-branded construction excavators and forestry equipment, discontinuing Hitachi-branded products. Deere aims to leverage this acquisition to enhance its product capabilities and respond more rapidly to customer needs.

Deere expands its U.S. technology operations by opening a new office in Austin, Texas. This hub will focus on attracting talent such as data scientists and engineers to drive innovation aimed at improving farming profitability and sustainability. The location provides access to regional universities and startups, enhancing collaboration within the tech community. Deere's move is strategic for accessing a diverse talent pool and aligns with its mission to use technology for solving global agricultural challenges.

The Deere & Company (NYSE: DE) Board of Directors has declared a quarterly dividend of $1.05 per share on common stock. This dividend will be payable on May 9, 2022, to stockholders of record as of March 31, 2022. This announcement reflects the company's commitment to returning value to its investors while maintaining stable cash flows.

Deere & Company (NYSE:DE) reported a net income of $903 million for Q1 2022, down 26% from $1.224 billion in Q1 2021. Despite this, net sales rose 5% to $9.569 billion, driven by solid equipment operations. The company raised its fiscal 2022 earnings forecast to $6.7 to $7.1 billion. Challenges included higher production costs from a UAW contract and ongoing supply chain issues. New goals were set under the Smart Industrial strategy, aimed at enhancing economic value and sustainability for stakeholders. Financial services net income increased by 13% to $231 million.