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Market Watch August 19, 2019

Deere Hints at Q4 Restructure, Added Focus on Precision Agriculture

By Crain's Chicago Business

Deere, the giant maker of tractors and combines, plans to cut costs as U.S. farmers continue to grapple with trade and weather disruptions.

Chief Financial Officer Ryan Campbell said on the company’s third-quarter earnings call that the company would examine its “organizational efficiency” and physical footprint while focusing on investments, like ones in precision agriculture, where it can best differentiate itself from competitors. The company is trying to achieve a 15 percent operating margin by 2022, he said, and “cost reduction is going to be a larger component of our path.”

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Deere already cut about $25 million in the third quarter and plans to do more in the fourth quarter, he said. Executives will provide further details on the cost-cutting initiative during the company’s fourth-quarter earnings call.

Continue reading at Crain’s Chicago Business. 

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