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.
Tag Archives Equipment — page 4
Deere cuts 2024 profit view as borrowing costs hurt demand
Executives expressed caution about margin performance amid weakening farm economy
Planter and seed drill join forces
Horsch has created a concept to bring the advantages of a planter to smaller-seeded crops
Is it a planter or a drill? If a concept machine created by Horsch eventually comes to the market, someone might have to invent a new category. “We’re trying to mix and trying to get the best of both worlds, which is a seed drill and a corn planter,” said Laurent Letzler, who manages Horsch
Ritchie Bros. raises cash payout in bid for IAA
Activist investor Starboard Value buys into Ritchie
Reuters — Canada’s Ritchie Bros. on Monday sweetened the cash component of its buyout offer for IAA Inc. by 28 per cent, valuing the U.S. auto retailer at US$5.94 billion, and also secured the backing of a key IAA shareholder which had questioned the initial offer. The latest cash-and-stock offer at $44.40 per share, will
Feather sector’s on-farm upgrade program underway
Applications now being accepted for funding
The federal free trade compensation program to help Canada’s poultry and egg producers pay for on-farm upgrades, renovations and improvements is now taking applications. The $646.8 million, 10-year Poultry and Egg On-Farm Investment Program (PEFIP) is now formally underway, Agriculture Minister Marie-Claude Bibeau announced Monday. Each eligible Canadian producer is entitled to an amount proportional
Spring road bans coming into effect across Prairies
MarketsFarm — Warming temperatures and melting snow across Western Canada may cause some disruptions to grain and livestock movement over the next few weeks as seasonal spring road restrictions come into effect across the Prairies. The annual spring road restrictions set axle weight limits for vehicles moving on certain roads in an effort to reduce
Plant-protein processor’s new processing plant gets grant
Feds, province put up cash for new equipment
The federal and Manitoba governments have added a seven-figure contribution to their support for a new facility to process plant proteins from canola and peas. Merit Functional Foods will put the additional money toward “new equipment purchases that will support the transformation of raw inputs into value-added goods.” The unspecified new technology is expected to
Subsidy for grain dryer upgrades in Alberta draws critics
Concerns are being raised over a new program for grain drying being offered to Alberta residents. The federal and Alberta governments recently announced Alberta farmers seeking to make grain dryer improvements will have access to funding through the Canadian Agricultural Partnership. The Efficient Grain Dryer Program aims to cover costs for energy efficiency improvements to
Deere bets on cost cuts, services push to boost profits
Chicago | Reuters — Deere and Co. on Wednesday said it will cut costs and ramp up investment in data-driven agriculture technology and its services business to make itself more profitable. In a pitch to investors, CEO John May said the measures are expected to boost operating profit margin to 15 per cent by 2022
Deere to lay off 163 U.S. workers as trade war dents demand
Chicago | Reuters — Deere and Co. on Tuesday announced indefinite layoffs for 163 U.S. manufacturing workers at plants in Illinois and Iowa that make agricultural, forestry and construction equipment, citing decreased customer demand. The layoffs come week after the company said it would reduce production by 20 per cent at its facilities in Illinois
Climate change has U.S. fund managers adjusting agriculture investments
New York | Reuters — After historic floods devastated Midwestern agricultural states this spring, some fund managers are evaluating how climate change will affect the long-term value of companies that make or sell products ranging from tractors to fertilizer. The issue is not simply the unpredictability of weather. Instead, fund managers say, they are struggling
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