Green Machine is back; Deere posts big 1Q MOLINE, Ill. (AP) — Despite weaker crop prices and nervous American farmers, Deere & Co. reported better-thanexpected earnings on strong international farm equipment sales and higher demand for construction equipment as U.S. home sales take off.
The company doubled its profit forecast for the year and investors took note, sending the stock to a record high. Sales worldwide increased 2 percent in the quarter despite a drag in the U.S. and Canada, where sales fell 5 percent. Outside the U.S. and Canada, net sales increased 14 percent and were particularly strong in South America.
Sales in construction and forestry equipment rose 7 percent in the quarter and Deere expects those numbers to jump about 13 percent for the year. Those numbers are being driven by an American housing market that appears ready to go. After a couple of down months, economists said last week they expect the U.S. housing market to take off.
The agricultural equipment manufacturer reported second-quarter net income of $802.4 million, compared with $495.4 million for the same period last year.
Deere raised its full-year 2017 earnings forecast to $2 billion on a 9 percent increase in sales. The company had previously projected $1.5 billion in net income on 4 percent increase in net sales. The company posted earnings of $1.52 billion for 2016.
Quarterly revenue reached $8.29 billion. Its adjusted revenue was $7.26 billion, which also topped Street forecasts. The company had revenue of $7.1 billion in the same period last year.
2018 Commodity Classic opens to new exhibitors
ST. LOUIS, Mo. — The trade show floor at Commodity Classic – America’s largest farmer-led, farmer-focused convention and trade show – opened to new exhibitors on June 1. The 2018 Commodity Classic will be Feb. 28- March 2 in Anaheim, Calif.
Exhibit space is limited. For exhibitor information, call 888-447-6734, visit www.CommodityClassic.com or email tradeshow@CommodityClassic.com Last year’s Commodity Classic in San Antonio, Texas, attracted 4,012 farmers with an average gross farm income of $1.45 million and average farm size of 2,779 total acres. The show also attracted 162 key media representatives.
Tell your story through Fields-of-Corn Photo Contest CHESTERFIELD, Mo. — The National Corn Growers Assoc. (NCGA) reminds photographers that they can help tell the story of farming field corn in America through the fourth annual Fields-of-Corn Photo Contest.
In this contest, NCGA captures highresolution photos of corn growth from seed to harvest and the families that grow it. While the contest opened recently, interested participants will be able to submit multiple entries until Nov. 30.
Open to all, the Fields-of-Corn photo contest offers a free opportunity for photographers to share their work while competing for 25 cash prizes, including a $500 grand prize. It is important to note the contest is specifically geared toward field corn and not sweet corn. While entries will only be accepted until Nov. 30, entries may accumulate Facebook “likes” until Dec. 31. Winners will be announced in January 2018.
For more information on prizes and on these categories, visit www.fields-ofcorn. com
Krone recognizes Ohio in top 10 sales volume dealers MEMPHIS, Tenn. — Krone North America has announced its highest retail sales volume dealers for fiscal year 2016. Krone is a global leader in the manufacturing and sales of hay and forage equipment, doing business in 40 countries.
Those award-winning dealers include Lowe & Young of Wooster, Ohio. In 1949, Don Young and Roy Lowe started selling Minneapolis Moline tractors and operated a gas station in front of the dealership. As the years went on, it has added many other lines of equipment, including Krone.
The dealership has a service fleet of seven stocked trucks that are able to travel and operates a mobile parts truck that travels to the Mt. Hope Livestock sale every week during the spring and summer months to help customers who live far away and Amish customers.
Earning a top 10 spot for dealer retail sales for Krone North America takes significant effort, as each year more than 200 equipment dealers compete for this distinctive recognition. To be considered for this award, the dealership must have exceptional sales, service and parts departments. This recognition confirms that employees at all 10 dealerships have exhibited tremendous commitment to serving the needs of their customers. AFIA, Feedstuffs seeking apps for Feed Facility of Year
ARLINGTON, Va. — The American Feed Industry Assoc. (AFIA) is accepting applications for the 2017 Feed Facility of the Year benchmarking program. The program, sponsored by AFIA and Feedstuffs, is designed to be a world-class benchmarking program for the animal food industry. It recognizes overall excellence in feed manufacturing operations, emphasizing safety, quality, regulatory compliance, employee development and overall operating efficiencies.
The former Feed Mill of the Year award program was redesigned in 2016 to be more industry-inclusive. Now in its second year, Feed Facility of the Year has been expanded to include non-AFIA members in the benchmarking portion of the program. Non-members will be ineligible for the awards portion of the program, but they will receive all of the benefits of the benchmarking program.
To keep benchmarking information relative, five award categories, with category- specific applications, are considered: commercial dry livestock feed, integrator, liquid feed, pet food and premix manufacturing. AFIA will recognize winners at the 2018 International
Production & Processing Expo. Applications are due by Sept. 1, along with an application fee of $50 for AFIA members or $250 for non-members. To learn more, visit www.afia.org/awardsprogram |
