Deere & Co Stock Price, News & Analysis

Tractors and Farm Equipment (TAFE), AGCO 's largest shareholder with a 16.3% stake, has issued an open letter to fellow shareholders outlining concerns about AGCO's performance and governance. TAFE criticizes AGCO's strategic missteps, poor execution, and underperformance compared to peers since Eric Hansotia became Chairman and CEO in 2021. The letter highlights AGCO's -29.97% 1-year TSR and -25.58% 3-year TSR, significantly trailing competitors and relevant indices.

TAFE calls for shareholder-driven boardroom changes, citing issues such as missed market opportunities, unsuccessful acquisitions, and ballooning costs. The letter proposes improvements in capital allocation, risk management, strategy, and corporate governance, including separating the Chair and CEO roles and implementing term limits for independent directors. TAFE suggests forming a Strategic Transformation Committee to oversee a holistic long-term strategy and enhance risk mitigation.

Deere & Company (NYSE: DE) has announced a quarterly dividend of $1.47 per share. The dividend will be payable on November 8, 2024, to stockholders of record as of September 30, 2024. This announcement was made by the company's Board of Directors on August 28, 2024. Deere & Company, commonly known as John Deere, is a leading manufacturer of agricultural, construction, and forestry machinery. This dividend declaration demonstrates the company's commitment to returning value to its shareholders and may indicate confidence in its financial stability and future prospects.

Deere & Company reported third-quarter net income of $1.734 billion, or $6.29 per share, down from $2.978 billion ($10.20 per share) in Q3 2023. Worldwide net sales and revenues decreased 17% to $13.152 billion. Despite challenging conditions in global agricultural and construction sectors, Deere maintains its full-year net income forecast of approximately $7.0 billion.

The company has taken steps to reduce costs and align production with customer needs in response to weak market conditions. Deere's outlook for fiscal 2024 projects decreased sales across all segments, with Production & Precision Ag and Small Ag & Turf both expected to be down 20% to 25%, while Construction & Forestry is projected to be down 10% to 15%.

Deere & Company (NYSE: DE) has announced it will hold its third quarter 2024 earnings call on Thursday, August 15, starting at 9:00 a.m. central time. The call will discuss the company's financial and operating performance with analysts, investors, and other financial community members. Interested parties can access the call at www.JohnDeere.com/earnings, where the recorded call, earnings release, and presentation will also be available afterward.

Deere & Company is a global leader in advanced products, technology, and services for agriculture and construction, serving customers who are revolutionizing these industries to meet the world's growing needs for food, fuel, shelter, and infrastructure.

In response to the devastating floods in Rock Valley, Iowa, John Deere and its employees have rallied to offer support to the affected community. The floods, which have damaged over 500 homes, have also displaced 24 Deere employees. Approximately 15 Deere employees are volunteering in recovery efforts, while another 10 are covering for colleagues who are unable to work. The support includes essential supplies such as bleach, diapers, gloves, pressure washers, and non-perishable food items. John Deere exemplifies values of compassion and solidarity, encouraging donations through verified accounts like Friends of Rock Valley via PayPal or Venmo.

John Deere has announced a two-year, $100,000 commitment to the USO, aimed at supporting military service members and their families. This partnership will enable John Deere employees and customers to assist service members in transitioning to civilian life through mentorship and career planning programs. John Deere has a long history of supporting the military, dating back to World Wars I and II.

The sponsorship will fund several USO initiatives, including the USO Campaign to Connect, Transition Assistance, Mentorship Program, and local USO activities. These programs will offer support and career opportunities to military personnel and their families, reinforcing John Deere's commitment to the well-being of America's service members.

John Deere Foundation is partnering with the University of Iowa (UI) and Davenport Community School District (DCSD) to create the John Deere Scholars Program. This $6.6 million initiative aims to enhance access to higher education for Iowa high school students. Starting this fall, college readiness courses will be offered to seniors from low- to middle-income families at several Davenport high schools. In spring 2025, the program will award 20 scholarships annually (60 in total over three years), covering 90% of Iowa's college costs. Scholarship recipients will also receive leadership training, mentorship, field experience, and networking opportunities.

The Deere & Company Board of Directors has declared a quarterly dividend of $1.47 per share.

This dividend will be payable on August 8, 2024, to stockholders who are recorded as of June 28, 2024.

This announcement is a continuation of the company's commitment to returning value to its shareholders.

Deere & Company (NYSE: DE) reported a net income of $2.370 billion for the second quarter of 2024, down from $2.860 billion in the same period in 2023. Earnings per share fell to $8.53 from $9.65. For the first six months, net income was $4.121 billion, a 14% decrease from last year's $4.819 billion. Revenues for the second quarter declined 12% to $15.235 billion, while six-month revenues fell 9% to $27.420 billion. The company forecasts a full-year net income of approximately $7.0 billion, adjusting for market volatility in agriculture and turf demand. Construction remains stable. Financial services income grew significantly, overcoming higher credit losses and unfavorable financing spreads.