Last week, Deere & Co. reported its second-quarter net sales and revenues were down by 9% to $9.9 billion and net sales and revenue, and net income fell to $981. Overall, worldwide equipment sales fell by 10% to $9.2 billion.
Both U.S. ethanol prices and production fell in 2012 compared with the previous year. And the chances are good that it won't get a whole lot easier for producers in the year ahead.
In current dollars ” ignoring the effects of inflation,” U.S. net farm income is forecast to exceed $122 billion in 2012 and net cash income is expected to exceed $139 billion, both record nominal values.
Farm machinery make Deere & Co. plans to open a tractor factory in Argentina, as the administration of President Cristina Kirchner seeks to reduce the country's dependence on imported manufactured goods.
CNH, parent company of ag equipment makers Case IH and New Holland, reported 1Q equipment revenues rose 6% year-over-year — +2% in Ag & +27% in Construction to ~$3.2 billion.
AGCO Corp. reported net sales of approximately $1.3 billion for the first quarter of 2010, a decrease of approximately 13.3% compared to net sales of approximately $1.5 billion for the first quarter of 2009.
Indian tractor and farm equipment maker, TAFE, has passed the $1 billion mark in worldwide sales. AGCO Corp., the third largest farm equipment maker in the world, holds a 25% stake in TAFE.
Executive editor Kim Schmidt checking in from Farm Equipment headquarters with an update on 2025 Dealership Minds Summit set for July 29-30 in Iowa City.
The program is out. Check it out at DealershipMindsSummit.com.
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