Ironically, CEO John May announced the third-quarter data by crediting the quarterly results to “the exceptional efforts of our employees and dealers to keep our factories running and customers served while enduring significant supply-chain pressures.” Worldwide net sales and revenues increased 29% to $11.5 billion and net sales of the equipment operations were $10.4 billion.
20, the company reported net income of $1.6 billion, up from $811 million one year earlier. According to its most recent earnings report, the third-quarter data published on Aug. The stock was trading at the $344 level Wednesday afternoon.ĭeere is facing the strike in a strong financial position. Potential Impact To Deere: The strike occurs five months after Deere’s stock hit a record peak of new all-time high of just over $400.34 per share. “We have a lot of big equipment out here that we’re using to bring in a harvest, and if a part breaks down that we can’t get, we’re done,” said Lillibridge. Lance Lillibridge, a farmer and president of the Iowa Corn Growers Association, told that not having replacement parts for his John Deere equipment could result in crops not being readied for distribution. economy is struggling with a tag team of rising inflation and supply chain disruptions.įarmers were facing shortages of agricultural equipment and parts before the strike began and this exacerbates the situation. Potential Economic Impact: The timing of the strike couldn’t have been worse, as the U.S. See Also: Benzinga Live: $BBIG Chairman Ted Farnsworth Exclusive Interview This so-called “Great Resignation” resulted in a record-breaking 4.3 million workers quitting their jobs in August, with others agitating for better wages, benefits and working conditions. moves out of the pandemic, it has been faced with a pushback by many employees in a wide variety of jobs and industries. Hollywood faced the threat of a strike by members of the International Alliance of Theatrical Stage Employees that would have halted film and television production, but that walkout was averted.Īs the U.S. Part Of A Trend: There has been a new wave of labor strikes across the country that includes approximately 1,400 cereal production workers in Michigan, Nebraska, Pennsylvania and Tennessee on strike against Kellogg Company (NYSE: K) 2,000 nurses, technical and clerical employees on strike against Mercy Hospital in South Buffalo, New York and 1,000 employees of Warrior Met Coal in Alabama. To the surprise of both Deere and the UAW, 90% of the union rank-and-file members rejected the contract, arguing the offer was insufficient in the wake of the company’s ongoing financial vibrancy.
It would have also erased a lower tier of pay for some recently hired workers and returned the cost-of-living adjustment to the union contract.
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The UAW and Deere negotiated a contract that would have raised the base pay of union members by up to 6% plus additional wage hikes totaling approximately 20% over the coming six years.
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