Deere & Co cut its 2024 profit forecast on Thursday as farmers remained hesitant about big-ticket equipment purchases due to high borrowing rates and falling crop prices, even as its first-quarter sales and profit topped Wall Street estimates.
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Deere cuts 2024 profit view as borrowing costs hurt demand
Executives expressed caution about margin performance amid weakening farm economy
The problem with giants
Saskatchewan’s Brandt Group of Companies is celebrating another addition. As reported in this issue, the equipment company recently announced its acquisition of Wairarapa Machinery Services Ltd., its 18th location in New Zealand. In a press release dated Aug. 31, CEO Shaun Semple says the deal is “uniting the entire North Island under one dealer brand”
Colorado’s ag equipment right-to-repair bill signed into law
Bills introduced in 16 states
Reuters — Colorado’s governor signed the nation’s first right-to-repair legislation into law on Tuesday, giving the state’s farmers and ranchers the autonomy to fix their own equipment. The bill, which requires manufacturers such as Deere and Co. to provide manuals for diagnostic software and other aids, garnered bipartisan support as farmers grew increasingly frustrated with
Manitoba Deere dealer expands westward reach
Enns Bros. to buy Shoal Lake's S.H. Dayton
A major dealer of John Deere equipment in Manitoba is extending its catchment in the province’s west to include a long-established Deere shop. Winnipeg-based Enns Bros. announced Friday it has a deal in place to buy the assets of S.H. Dayton Ltd., a Deere equipment dealership at Shoal Lake, about 100 km northwest of Brandon.
American Farm Bureau, Deere sign ‘right to repair’ memo
MOU to seek private-sector solutions
Chicago | Reuters — The American Farm Bureau Federation and machinery manufacturer Deere and Co. signed a memorandum of understanding on Sunday that ensures farmers have the right to repair their own farm equipment or go to an independent technician. As the agriculture sector accelerates its adoption of technology, the reliance on high-tech machinery such
Deere & Co mower production to move from Iowa to Mexico plant
Mexico City | Reuters – U.S. farm equipment maker Deere & Co DE.N will be moving production of mower conditioners, which are tractor attachments with rolling discs to cut and crush hay, from a factory in Ottumwa, Iowa, to an existing plant in Mexico over the next 18 months, the company said. The company told Reuters late
Deere tapping into Apple-like tech model to drive revenue
'Hopefully the costs will be paid back in the long run'
Bondurant, Iowa | Reuters — Deere and Co. has sold its tractors and other equipment to farmers for decades, but the world’s largest agriculture machinery manufacturer is tearing a page from the technology world’s playbook — combining cutting-edge hardware with software and subscription models to drive revenue growth. In a world with a dwindling number
Engine maker Cummins says expects ‘some impact’ in Russia
Deere says will abide by sanctions
Reuters — Diesel engine maker Cummins Inc. expects “some impact” to its business in Russia and is analyzing and preparing for current and anticipated sanctions, the U.S. truck engine maker said in an e-mailed statement on Monday. Many firms have idled operations in Russia after it invaded Ukraine last week, resulting in powerful Western sanctions.
Deere says its robo-tractors are ready to till the fields
Detroit | Reuters — Deere and Co. said Tuesday it will start commercial delivery this year of technology that enables a tractor to till a field without an operator in the cab, a first for the top North American tractor manufacturer after years of effort to automate farm work. Deere plans a low-volume launch this
Deere’s striking U.S. workers accept revised offer
Operations to resume Wednesday night, company says
Production and maintenance workers at 14 Deere and Co. plants are expected to return to work starting Wednesday night after voting to approve a new contract. United Auto Workers (UAW), which represents over 10,000 Deere employees in the U.S., said late Wednesday its members voted 61 per cent in favour of new six-year collective bargaining
Cyber-Savvy Farmer
