Deere announces plans for tractor museum in Waterloo

Tourism is a part of the Deere & Company mystique. One reason why the company is planning to build the John Deere Waterloo Tractor and Engine History Museum.

Acccording to the company, construction will begin in late 2010 and open in late 2011.

It will include artifacts and interactive exhibits to celebrate the rich history and dynamic growth of the tractor business at John Deere, which remains the world’s leading provider of agricultural equipment.

Deere prepares for Kansas sales and marketing center

According to the Kansas City Business Journal, Deere & Company is preparing to start construction on a new 126,150-square-foot facility in Olathe.

The estimated $25 million project will house as many as 500 marketing professionals who will provide support and service to John Deere sales branches and agriculture and turf dealerships in the United States, Canada, Australia and New Zealand.

Construction on the building will begin in June and is expected to be completed in August 2011.

Morningstar issues new credit rating for Deere & Company

Morningstar is initiating credit coverage of Deere with an issuer rating of A. According to the report, it reflects Deere’s position as a highly recognized manufacturer of farm equipment, offset by its inherent cyclicality.

Morningstar says that Deere’s brand name has permeated the agricultural equipment industry for nearly 175 years. Its strong dealer network supports its high-quality products.

Morningstar counters that although the company must generally assign more resources toward research and development than competitors to buoy its industry leadership, Mornigstar thinks it has carved a narrow economic moat.

Deere holds a nearly 50% share of the North American farm equipment market thanks to its machinery’s high resale value and solid support network, the report says.

John Deere Classic lineup lands PGA stars and vets

Five PGA Tour veterans have committed to play in the 40th annual John Deere Classic, which is coming up from July 5-11 at TPC Deere Run in Silvis, Illinois.

Three of them are major champions and one of the game’s most famous runners-up.

Former PGA Championship winners Davis Love III, Shaun Micheel and former British Open champion David Duval will join 2008 U.S. Open runner-up Rocco Mediate and 50-year-old 2010 British Open qualifier Tom Pernice, Jr. in the Quad Cities this summer.

Tournament Director Clair Peterson is fired up about the milestone year and selections heading into the tournament.

“Not only are all five players well known for their past accomplishments, they’re having terrific seasons and competing hard against a talented group of up-and-coming young players,” Peterson said.

Deere lauded for corporate donation

The SAE Foundation honored Deere & Company during its annual banquet recently in Dearborn, Michigan.

Deere received kudos for its $250,000 donation toward the “Learn Twice” program. It engages university students with chances to volunteer in A World In Motion classrooms.

Student volunteers will be reimbursed for the cost of registration to one of SAE International’s Collegiate Design Series events.

Deere’s gift provides funding for teacher and student training, curriculum and materials in this special initiative.

Deere & Company Raises Quarterly Dividend

Deere shareholders are going to get a little something extra in their dividend payment.

That’s after Deere & Company’s Board of Directors approved a dividend payment of $.30 a share on common stock. It will be payable on August 2 to stockholders of record on June 30.

According to the company, the new quarterly rate represents an increase of two cents per share over the previous level. That tallies out to seven percent.

Time to mull, stew and comment

With a great looking May weekend on the way, I appreciate you taking time to check out this blog.

It was a big week for Deere & Company. What did you think about the earnings report on Wednesday? What do think it will mean for the farm economy? Do you think Deere’s success will translate to a better year financially for all of us. Drop me a line here, and have a great weekend.

Machinery stocks ignore Deere’s rebound

While Deere & Company reported improved earnings projections on Wednesday, machinery stocks fell sharply on the same day despite the bullish outlook, according to the Wall Street Journal.

The downturn reflected concerns about demand in Europe and currency translations, WSJ reported.

Worries over European debt are pushing the euro to multiyear lows. That’s raising concern about government spending in the euro zone, which face severe budget cuts.

Analysts told the WSJ that demand concerns in Europe outweighed any bullishness about other regions. That’s because machinery companies have heavy international exposure and ties to many different industries.

Deere reaches combine milestone in East Moline

Deere & Company reached a landmark sales figure earlier this month. That’s when its 500,000th combine rolled off the line at Harvester Works in East Moline.

According to AgWeb, it was sold to a farmer near Cisco, Illinois. The special 9870 has a plaque on the front of the machine indicating its spot in John Deere history.

Everybody else can get a look at the landmark combine at the John Deere Pavilion in Moline. It will be displayed at the John Deere Classic golf tournament in July.

After all that publicity, the farmer will get his combine by September 1 — just in time for harvest season.

Deere earnings jump –forecast raised

There’s good news for our ag-giant neighbors in Moline. Deere & Company announced Wednesday that its second quarter profit jumped 16%.

That’s as sales of farm and construction equipment improved. Deere was able to raise its outlook for the second time this year.

Net income reached $1.28 per share in the quarter ending April 30. That’s up from $1.11 per share a year earlier.

Deere increased its annual outlook. It now expects total sales to grow 11% to 13%.

Deere’s Chairman and CEO Sam Allen says that the company is exceptionally well positioned to help meet the world’s increasing need for farm commodities and other renewable resources as well as for shelter and infrastructure.