deere & co (DE) Key Developments
Deere & Company Announces Quarterly Dividend, Payable on August 3, 2015
May 27 15
Deere & Company Board of Directors declared a regular quarterly dividend of $0.60 per share on common stock, payable August 3, 2015, to stockholders of record on June 30, 2015.
Deere & Company Announces Board Changes
May 27 15
Deere & Company announced that its Board of Directors has added two new members. Dmitri L. Stockton, President and Chief Executive Officer of GE Asset Management, and Sheila G. Talton, President and Chief Executive, Gray Matter Analytics, have been elected to the Deere & Company Board of Directors, effective May 27, 2015. Sheila Talton is a 30-year veteran in the information technology industry. She has a successful record of building consulting practices at EDS and Cisco Systems and helping technology businesses create and execute global strategies including initiatives focused on big data. Sheila is a graduate of Northern Illinois University and Harvard Business School's AMP program. Dmitri Stockton has held leadership positions in banking, asset management, commercial real estate, mortgage finance and insurance. He is a Senior Vice President at GE Company and serves on the Corporate Executive Council. He has held leadership positions at GE Asset Management, GE Capital Corporation and GE Consumer Finance.
Deere & Company Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended April 30, 2015; Provides Earnings Guidance for the Third Quarter of Fiscal 2015; Revises Earnings Guidance for the Fiscal 2015
May 22 15
Deere & Company announced unaudited consolidated earnings results for the second quarter and six months ended April 30, 2015. For the quarter, the company's total net sales were $7,399 million compared with $9,246 million a year ago. Total net sales and revenues were $8,171 million compared with $9,948 million a year ago. Total operating profit was $1,093 million compared with $1,590 million a year ago. Net income attributable to Deere & Company was $690.5 million, or $2.03 per share, for the second quarter ended April 30, compared with $980.7 million, or $2.65 per share, for the same period last year.
For the six months, the company's total net sales were $13,004 million compared with $16,195 million a year ago. Total net sales and revenues were $14,554 million compared with $17,602 million a year ago. Total operating profit was $1,740 million compared with $2,663 million a year ago. Net income attributable to Deere & Company was $1.077 billion, or $3.14 per share, compared with $1.662 billion, or $4.46 per share, last year.
For the third quarter of 2015, net sales for the quarter are forecasted to be down about 17% compared with 2014. This includes about 2 points of price realization, with unfavorable currency translation of about 6 points.
For the fiscal 2015, the forecast calls for net sales to be down about 19%. Price realization is expected to be positive by about 2 points. Currency translation is negative, about 4 points. Finally, despite strong currency headwinds, full year 2015 net income forecast is about $1.9 billion, an increase from previous guidance. For the remainder of fiscal 2015, the projected effective tax rate is forecast to be in the range of 34% to 36%. Cash flow from the equipment operations is forecasted to be about $3.4 billion in 2015.
John Deere Launches New John Deere L-Series Backhoes
Apr 16 15
Deere & Company has launched the new John Deere L-Series backhoes. The new John Deere L-Series backhoes build on the distinguished performance of its K-Series predecessors. The new series offers improvements on features that John Deere customers have come to know and trust, plus the addition of several new ones, to increase uptime, provide exceptional productivity and lower daily operating costs. The L-Series lineup boasts six new dynamic and efficient models - the 310L EP, 310L, 310SL, 310SL HL, 315SL and 410L. Built in John Deere's world-class facility in Dubuque, Iowa, the L-Series backhoes are designed for a variety of jobs, including: loading trucks, placing pipe, digging trenches, moving materials or tearing up asphalt. The L-Series meets present emission regulations through a rugged Final Tier 4/EU Stage IV PowerTech Plus diesel engine on the 310L (93 hp), 310SL (99 hp), 310SL HL (110 hp), 315SL (99 hp) and 410L (113 hp), and a certified IT4/Stage III B John Deere PowerTech engine on the 310L EP (70 hp). The 310SL, 310SL HL, 315SL and 410L boast a five-speed PowerShift transmission for smooth on-the- go clutchless gear changes with speeds up to 25 mph (40 km/h). The Autoshift option uses the fuel efficiency advantage of direct drive and lock-up torque convertor transmissions and automatically selects the best gear for a specific load. The 310SL HL heavy-lift backhoe is a prime example of the customer feedback process. It's a new addition to the John Deere lineup that boasts significantly more craning capability at the push of a button. Along with the 410L, the 310SL HL can deliver up to 25% more backhoe-lift capacity under normal conditions than comparable K-Series models. Utilizing the sealed-switch module (SSM), operators can get an additional 10% -15% boost through the new Lift Mode feature. Engine RPM is automatically set at 1,400 and the machine maximizes hydraulic pressure for increased craning capability. The addition of pressure-compensated load-sensing (PCLS) hydraulics allows for superb multifunction operation. The 310SL HL delivers all the advantages of PCLS hydraulics in the 14-15 foot digging-depth category, enabling operator efficiency and productivity through improved multifunction control. Operators will find comfort in the cab, which features extra legroom and a more comfortable seat, which leads to easier rotation between loader and backhoe operation. Redesigned pilot towers feature fingertip electrohydraulic (EH) controls to provide easier operation. A multifunction lever on the steering column controls turn signals, wipers, lights - just like that of a car or truck, allowing the operator to maintain line of sight to the front of the machine while operating in the loader position. A new "palm-on-top" loader-control grip enables control of clutch disconnect, quick shift, auxiliary proportional roller and momentary front-wheel drive. In addition, the L-Series boasts improved diagnostics with multi-language monitor. Operators can program a multitude of time-specific functions such as auto shutdown and auto idle. Other enhanced L-Series creature comforts include an efficient HVAC system, adjustable mechanical or air-suspension seat, lower and larger steps for easier entry and egress, a new lighting scheme with optional LED lighting kit to enhance visibility and extend the workday and an elevated canopy for better visibility to both the front and rear of the backhoe. All backhoes also have the option to add premium radio with Bluetooth auxiliary input and XM Satellite Radio capability. An optional Auto Ride control field kit is based on an adjustable ground speed setting for the 310SL, 310SL HL, 315SL and 410L. It automatically engages or disengages the machine's loader hydraulics to act as a shock absorber, creating a smoother ride for the operator and reducing spillage from the loader bucket. The John Deere L-Series backhoes come standard with Economy mode, saving fuel in many applications. When activated, maximum engine RPM is limited in both loader and backhoe operations. A variable-speed electronically-controlled fan automatically speeds up or slows down, operating only as needed to keep things cool, helping conserve power and fuel while reducing noise. L-Series backhoes also boast the benefits of unsurpassed reliability and uptime. Same-side ground-level service points help speed daily checks. Other common sense features such as quick-change filters, extended service intervals, simple-to-read sight gauges and easy-access grease points help increase uptime and lower daily operating costs. Additionally, stacked-assembly coolers are hinged and tilt away from the radiator for convenient core cleanout.
Deere & Company Enhances 9R/9RT Scraper Special Series Tractor Lineup
Apr 13 15
Deere & Company has announced that it is enhancing its 9R/9RT Scraper Special Series Tractor lineup and adding its new model to date, the 9620R. The four wheel models and three tracked models vaunt increases in horsepower, feature the fuel saving Efficiency Manager and the exclusive HydraCushion suspension system, as well as boast industry leading hydraulic flow - all in an effort to increase productivity, uptime, and lower operating costs in earthmoving applications. The 9570R (570 hp), 9570RT (570 hp), and the 9620R (620 hp) feature a Cummins QSX15 Final Tier 4 diesel engine, while the 9470R (470 hp), 9470RT (470 hp), 9520R (520 hp), and 9520RT (520 hp) are equipped with a John Deere PowerTech 13.5L PSS Final Tier 4 engine. These new models include industry leading flow (115 GPM) for increased hydraulic response when operating multiple scrapers. The updated scraper tractors continue to utilize the most impactful feature of the 9R tractors, Efficiency Manager. This advanced feature automatically adjusts and matches the performance of the engine and transmission to maintain ground speed with the lowest RPMs to dramatically reduce operator fuel consumption. A HydraCushion suspension is a John Deere exclusive available on all 9R series wheeled scraper tractors and offers contractors the ability to virtually eliminate road lope associated with high transport speeds typically seen on haul roads. By eliminating the lope from the ride, both loaded and empty cycle times can increase, thus adding directly to the bottom line. To further enhance ride quality and stability in high-speed transport where these tractors typically operate, all 9R wheeled scraper tractors have a 17 inch increase in their wheelbase. To accommodate higher horsepower and larger loads, the 9R tractors' front frame strength was increased by 10% and the rear frame assembly strength by 30%.