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Deere & Company Investor Relations Material

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AGM 2024

Deere & Company
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AGM 2024

28 Feb, 2024
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Q1 2024

15 Feb, 2024
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Over 190 years of industry experience

Founded in 1837 by the blacksmith John Deere, Deere & Company, and their signature green tractors, is one of the oldest manufacturing companies in the S&P 500. Deere is primarily known for its farming equipment - harvesters and combines - but has broadened its product portfolio with construction machinery, electric charging infrastructure, forest machines, snowmobiles, and software solutions, through an array of different brands.

Digitizing the farming industry

Like the rest of society, the farming industry is being digitized at a fast pace, with Deere leading the way through things like autonomous combines working 24/7 and crop surveillance technology leveraging machine learning to improve production.

One very interesting example of the software side of Deere’s business is their product See & Spray, which uses cameras and artificial intelligence to calculate the amount of herbicide needed on each plant. This is something they talked about on their recent Analyst Day:

“Our machine covers 2,100 square feet every single second. In that second, we cover and capture about 3 billion pixels. These are submillimeter pixels that allow us to see with high resolution every single plant. To process this, we need very, very fast processors as we compute a total of 330,000 billion operations every second.”

A track record of healthy growth and solid margin expansion

Deere has endured healthy growth and a solid margin expansion ever since the Great Financial Crisis, and the company expects this expansion to continue, as their current goal is to achieve 20 percent through-cycle margins by 2030. Competition-wise, Deere’s main competitors are Komatsu, CNH Industrial, and Caterpillar Inc.