Deere & Co.’s CEO Samuel R. Allen first mentioned it when the company released its first quarter earnings report on Feb. 17 and reiterated again today during his annual address to shareholders on Feb. 22: Things look like they’re getting better for agriculture.
While summarizing Deere’s financial performance during the first quarter of its fiscal year 2017, Allen said in a press release, “John Deere has started out the year on a positive note in the continued face of soft market conditions, although the quarter's sales and earnings were somewhat lower than last year, all of our businesses remained solidly profitable.” Deere's performance showed further benefits from the sound execution of its operating plans, the strength of a broad product portfolio and the impact of a more flexible cost structure.
“At the same time, we are seeing signs that after several years of steep declines key agricultural markets may be stabilizing."
According to a Feb. 22 online report from the Quad City Times, “In his annual address to shareholders Wednesday, Deere & Co. CEO Sam Allen said, ‘there are signs the worst may be over," while assuring them the company's future is bright — and solidly in Moline.
The report went on to say, “Deere's strategy has been one of efficiencies and cost-cutting, including keeping inventory down, creating a responsive cost structure and reducing administrative expenses. Allen said Deere cut $100 million out of its travel, advertising and indirect materials budgets, as well as held research and development costs down.”
See the full report at http://qctimes.com/business/deere-ceo-sees-promising-growth-trends/article_6a45fea2-9c9f-5c57-8587-c20882008501.html