JD introduces new S7 Series headers
John Deere says its S Series combines have been redesigned and optimised with innovative technologies to build on their proven performance in Australian and New Zealand conditions.
Deere and Co, the owners of the John Deere tractor brand, has reviewed its earnings forecast for the financial year to October, saying it will finish at about US$1.9 billion despite sales having fallen by 19% in the year so far, not 17% as previously forecast.
Earnings Feb-April dropped 30% to US$690.6 million, on revenues down 20% to US$ 7.40b, much less than forecast.
Samuel Allen, chairman and chief executive, said “JD expects to be solidly profitable in 2015 despite a pullback in the farm machinery sector. All in all we remain confident in the company’s direction and our ability to meet our customers’ needs.”
First quarter results were noteworthy in light of the weakness blighting the global agricultural sector.
Deere agricultural sales fell 25% to US$ 5.77b; the construction division gained 2% to finish at US$ 1.63 billion.
Lower commodity prices and falling farm incomes put pressure on demand for agricultural machinery, particularly larger items such as combine harvesters and large tractors traditionally bought by Canadian and North American grain farmers.
Deere predicts the market in Brazil will fall by 15-20% due to economic uncertainty and the high-interest government loans normally used to fund agriculture.
The Canadian and US markets look likely to fall by only 25% as the the livestock sector show signs of rallying on the back of low grain prices.
Southland farmers are welcoming moves by the Government to repeal intensive winter grazing rules.
Third-year student Cady Burns has won the Waikato Regional Council Prize in Water Science for 2024.
Sam McIvor has been appointed OSPRI’s next chief executive.
The Rural Change programme, providing free private mental health professional sessions to the rural industry, is set to continue its next chapter within Rural Support Trust from 1 July 2024.
Beef + Lamb New Zealand chief executive Sam McIvor will step down in July.
A new report shows farm employers across the dairy, sheep and beef, and arable sectors have continued to invest strongly in one of their greatest assets – their staff.