Farm and construction equipment maker CNH Industrial on Wednesday lowered its 2024 profit forecast for the second time, as slowing demand for its tractors and combines keeps hopes for a recovery in the second half of the year muted.
Tractors
CNH Industrial lowers profit forecast on slow demand for farming products
Leon Manufacturing for sale
Yorkton manufacturer's assets for sale as part of receivership process
The company, along with Ram Industries Inc., was placed in receivership June 11 after numerous financial difficulties were reported and the company missed payments to BMO. It owes BMO more than $16.6 million.
Some farm dealerships back online after cyber attack
Dealers forced to turn to pen and paper after attack knocked out inventory software
Brian Osterndorff, chair of the board of the Canadian Equipment Dealers Association, and president and CEO of Robert’s Farm Equipment, a seven-store group in Ontario, said on June 26 that they had just been informed that they could use the system again.
Cyber attack frustrates farm equipment dealers
Dealers forced to use manual processes after software provider hacked
CDK provides business management software to dealers of all makes of farm equipment, so major dealers of John Deere, CNH and are working without digital systems across the country. CDK is also the leading provider of management software to automobile dealers and thousands of those dealerships are offline.
Deere announces job cuts to tackle slowing farm equipment demand
Deere & Co said on Wednesday it would cut an unspecified number of production and salaried jobs to save costs as it grapples with a downturn in farm equipment demand.
Main farming groups shun Brussels protest against EU green policies
Farmers drove hundreds of tractors into Brussels on Tuesday to protest against the European Union's environmental policies, but the action was shunned by mainstream farming groups who said it did not reflect their members' concerns.
Spanish and French farmers block border days before EU election
Spanish and French farmers blocked roads along the border through the Pyrenees mountains on Monday ahead of European Parliament elections to protest against what they say is unfair competition from outside the European Union.
Deere cuts 2024 profit forecast as sliding farm income stifles demand
Deere has trimmed its annual profit forecast for the second time, squeezed by slumping demand for tractors and combines as falling crop prices pressure farm income.
Too many tractors: As boom times fade, farm equipment piles up
Falling crop prices are leaving American agriculture equipment sellers with an excess of unsold tractors and combines. To cope with the surplus, dealers are discounting machines, suspending new orders, and even auctioning off equipment at reduced prices.
CNH Industrial cuts 2024 profit view as soft agriculture demand bites
CNH Industrial cut its annual profit forecast on Thursday, squeezed by slowing demand for its tractors and farm equipment as choppy crop prices and higher borrowing costs hinder farmers from making big-ticket farming purchases.
