Deere Co. warns investors that the U.S. strike will hamper farm equipment production into the new year.
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The lingering effects of the four-week work stoppage will neutralize some of the ramp up in production it expects to see in the first quarter, Deere said Wednesday in its earnings call. The tractor maker forecasts the margins for the quarter ending January 31 to be in the mid- to high single digits, but the U.S. plants affected by the strike won't meet that target.
There are a few other one-time items that will cause additional drag, including the ratification bonus, said Josh Jepsen, director of investor relations. We say it will be about one point lower as a result of the work stoppage and supply chain disruption. It is not all bad news. The Moline, Illinois based company said it can't offset the cost increases with price hikes in the first quarter, but executives see that trend changing over the year as it increases prices for tractors, combines and other machines it sells to farmers.
The strike in the U.S won't affect the annual profit, with the company expecting record net income of between $6.5 billion and $7 billion for fiscal 2022, according to earnings early Wednesday by Deere.
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