CNH’s FieldXplorer platform uses AI to analyze drone imagery and generate detailed field maps that distinguish between crops and weeds.

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The impacted plant manufacturers tractors and loaders, . According to the report, the company cited current and anticipated market conditions for the layoffs. About 198 hourly positions are impacted.

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• Fourth quarter consolidated revenues declined 28%; 
• Full year consolidated revenues declined 20% on lower industry demand for Agriculture and Construction equipment
• Fourth quarter net income of $176 million; full year net income of $1,259 million
• Full year diluted EPS at $0.99; adjusted diluted EPS at $1.05
• Results reflect channel destocking and continued execution of cost savings initiatives

CNH Industrial reported a 28% decline in Q4 consolidated revenues and a 20% drop in full-year revenues due to lower demand for Agriculture and Construction equipment. Q4 net income was $176 million, down from $583 million in 2023, with diluted EPS at $0.14. For the full year, net income was $1,259 million, with diluted EPS of $0.99 and adjusted diluted EPS of $1.05. The company highlighted cost-saving measures and channel destocking. Its 2025 outlook predicts a 13%-18% drop in agriculture segment net sales.

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• Second quarter consolidated revenue declined 16% on lower industry demand
• Second quarter diluted EPS at $0.34; adjusted diluted EPS at $0.38 ($0.52 in the second quarter of 2023)
• Results reflect continued execution of cost savings initiatives mitigating the impact of market headwinds
• Returned $1.2 billion to shareholders through dividends and share repurchases in the first half of 2024
• Full-year guidance updated to reflect weaker market conditions

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John Deere ISG leads the design and manufacture of custom, integrated electronic solutions for Original Equipment Manufacturers. The division was created in 1987 and was based in Fargo, North Dakota, before moving to Urbandale.

Additionally, John Deere has confirmed with News 8 WQAD in Moline that over 120 production workers in Moline will be placed on indefinite layoff effective June 28.

One of John Deere’s chief rivals in farm equipment manufacturing, CNH Industrial, is itself the subject of rumors the company intends to lay off 25% of it’s workforce based in Racine County, Wisconsin. Its flagship farm equipment brand, Case IH, was founded in 1842 in Racine.

Unconfirmed sources on the Reddit community r/johndeere are reporting a global all ISG employee meeting is scheduled for Friday, June 7 at 9:30 central. The purpose of that call has not been confirmed.

Iowa’s WARN Act requires employers with 100 or more employees to give 60 calendar day written notice when there is a plant closing or mass layoff. The filing shows a notification date of June 6, 2024, meaning the affected ISG employees due to be notified on June 6 will no longer have a position effective August 7, 2024.

This is on top of recent reporting by AgDay TV Host Clinton Griffiths that the equipment manufacturer has offered 103 early retirement buyouts and eliminated 650 total jobs across its Iowa operations as of June 1. John Deere has also announced its intention to move its production of mid-frame skid steer loaders and compact loaders from its plant in Dubuque, Iowa, to a proposed new production facility in Mexico.

AgDay TV also notes that a total of 773 layoffs have been reported to the state of Iowa in 2024. John Deere employs a global workforce of 70,000 people.

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Neilson’s resignation will be effective Sept. 30, 2024, according to a May 31 SEC filing from CNH Industrial.

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In a note to investors, J.P. Morgan’s Tami Zakaria said CNHI’s resturcturing program is on track to be completed during Q2. “Previously, CNHI announced an immediate restructuring program to reduce its salaried workforce by 5%,” she said. “It also unveiled its plan to right-size its cost structure. These two initiatives are expected to reduce total SG&A by a 10-15% run-rate. CNHI reduced its SG&A expenses by ~12% YoY in 1Q as management imposed strict discipline on discretionary spending, expanded support operations to lower-cost countries, and rationalized back-office operations.”

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Local 2525 of the International Association of Machinists and Aerospace Workers District 5 ratified a contract offer from the parent company of Case and New Holland equipment brands, according to a Facebook post May 4 on the union’s Facebook page.

About 700 members of the union voted April 27 to reject CNH’s initial offer, but to extend the existing contract until May 3 for further negotiations. IAM Local 2525 members sought better pay rates, healthcare and job security.

On May 4, CNH presented another contract offer, which the union ratified that same day to avert a strike, according to the union’s Facebook post.

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• First quarter consolidated revenue declined 10% on lower industry demand
• First quarter diluted EPS at $0.31; adjusted diluted EPS at $0.33 ($0.35 in the first quarter of 2023)
• First quarter Agriculture segment adjusted EBIT margin down 200 bps year-over-year to 12.5%; Construction up 150 bps to 6.7%
• Cost reduction programs on track, helping to mitigate impact of slowing markets
• Full-year guidance updated to reflect lower agriculture industry projections

Agriculture: Agriculture net sales decreased for the quarter by 14% to $3.37 billion primarily due to lower industry volume across all regions and dealer inventory management, partially offset by favorable price realization.

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