Deere forecast net income of $3.6 billion-$4.0 billion for fiscal 2021 as it expects to benefit from improving conditions in the farm economy and stabilization in the construction and forestry markets.
Sales of Caterpillar’s autonomous technology for mining operations have been growing at a double-digit percentage clip this year, cushioning the fall somewhat of its traditional equipment sales.
Quarterly profit came in at $2.57 per share, down 8.5% year-on-year compared with estimates of a 55% drop.
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Deere is the world's leading manufacturer of agricultural equipment, producing some of the most recognizable machines in the heavy machinery industry. The company is divided into four reportable segments: production and precision agriculture, small agriculture and turf, construction and forestry, and John Deere Capital Corporation. Its products are available through a robust dealer network, which includes over 1,900 dealer locations in North America and approximately 3,700 locations globally. John Deere Capital Corporation provides retail financing for machinery to its customers, in addition to wholesale financing for dealers; which increases the likelihood of Deere product sales.
| Website: | www.JohnDeere.com |
| Main Phone: | +1 309 765-8000 |
| Address: | One John Deere Place |
| State: | IL |
| City / Town: | Moline |
| Country: | US |
| Postal Code: | 61265 |
| Exchange: | NYE |
| CEO: | John C. May |
| Employees: | 69600 |
| NAICS: | Farm Machinery and Equipment Manufacturing(333111) |
Deere forecast net income of $3.6 billion-$4.0 billion for fiscal 2021 as it expects to benefit from improving conditions in the farm economy and stabilization in the construction and forestry markets.
Sales of Caterpillar’s autonomous technology for mining operations have been growing at a double-digit percentage clip this year, cushioning the fall somewhat of its traditional equipment sales.
Quarterly profit came in at $2.57 per share, down 8.5% year-on-year compared with estimates of a 55% drop.
Farmers and ranchers are struggling to bring their goods to market because of coronavirus-led restrictions, crushing demand for equipment like harvesters and tractors.
The companies, whose policies have won the support of the UAW and other unions to run their facilities during the pandemic, offer a template for returning workers to idled factories in other sectors.
With cash ever harder to come by, manufacturers must cough up the money for the president's 25% tariffs on raw materials and parts imported from China.
With little clarity on when the U.S. economy will reopen, companies of all sizes have been bracing for at least months of limited revenues.
The outbreak is now classified as a pandemic and it’s doing widespread damage to critical economic sectors of the global economy.
Deere is outfitting tractors with startup Hello Tractor's technology to enable farmers to hail the machines via an app.
Improved pricing power along with lower production costs and warranty expenses led to a 7% annual increase in operating profit in farm and turf segment.
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