Deere & Co Stock Price, News & Analysis

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.

Deere & Company has announced leadership changes effective May 31, 2022, electing Ryan Campbell as President of Worldwide Construction & Forestry and Power Systems, succeeding John Stone. Campbell aims to enhance precision technology adoption and sustainable practices. Additionally, Raj Kalathur has been appointed Chief Financial Officer while retaining his role in John Deere Financial, overseeing accounting, treasury, and sustainability. Kalathur's leadership saw growth in the company’s financial portfolio exceeding $50 billion. This strategic shift is aimed at executing Deere's smart industrial strategy.

Allegion plc (NYSE: ALLE) announced John H. Stone as the new President and CEO, succeeding David D. Petratis effective July 11, 2022. Petratis, who led the company since its spin-off in 2013, will retire as executive chairman on January 2, 2023. Under his leadership, Allegion doubled its market capitalization and adjusted earnings per share, and made over 20 acquisitions. Stone brings over 18 years of leadership experience from Deere & Company, focusing on innovation and M&A, positioning Allegion for growth in smart security solutions.

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.