Deere & Company reports recurring business updates on agricultural equipment, construction and forestry machinery, turf and utility equipment, and John Deere Financial. Company news commonly covers earnings releases, earnings-call schedules, segment demand, shipments, order books, and financial-services activity tied to retail customer and dealer financing.
Other Deere updates include dividend declarations, board and senior leadership changes, material agreements, brand partnerships, and technology collaboration programs. Product and innovation themes often involve precision agriculture, automation, advanced sensing, analytics, telematics, robotics, and digital tools for agriculture, construction, roadbuilding, grounds care, and related equipment markets.
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.
Deere & Company (NYSE: DE) will hold its third quarter 2022 earnings call on August 19, 2022, at 9:00 a.m. CT. The earnings call will discuss the company's financial and operating performance with analysts and investors. The call will be accessible via www.JohnDeere.com/earnings, where the recorded version will also be available post-call. Deere is a global leader in agricultural, construction, and forestry equipment, and provides financial services through John Deere Financial.
On August 2, 2022, Deere & Company (NYSE: DE) announced a minority investment in Hello Tractor, an ag-tech firm based in Nairobi, Kenya. Hello Tractor's platform connects tractor owners with smallholder farmers in Africa and Asia, providing tools for fleet management and customer booking. This investment aligns with Deere's strategy to enhance connectivity in agricultural equipment by 2026. Hello Tractor, part of Deere's Startup Collaborator program, aims to improve economic outcomes for smallholder farmers and currently employs approximately 25 people.
Deere & Company (NYSE:DE) announced the appointment of Felecia Pryor as Senior Vice President and Chief People Officer, effective August 15, 2022. Pryor brings nearly two decades of HR experience from BorgWarner and Ford Motor Company, where she held various executive roles. In her new position, she will oversee human resources, labor relations, and brand communications. Chairman and CEO John May expressed confidence in Pryor's abilities to strengthen the brand and attract top talent, highlighting her expertise in diversity, talent development, and performance management.