Focus: Too many tractors: As boom times fade, farm equipment piles up [Reuters]
CNH Industrial N.V. Common Shares (CNHI)
Last cnh industrial n.v. common shares earnings: 2/7 08:00 am
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Source: Reuters
To cope with the surplus, dealers are discounting machines, suspending new orders, and even auctioning off equipment at reduced prices. The slower equipment sales are a knock-on effect of corn and soy prices dropping to more than three-year lows as U.S. farm income and equipment makers and dealers are forced to pivot quickly after a period of booming business. Reuters interviewed ten equipment dealers, mostly in the Midwest, as well as farmers and analysts, who said low crop prices combined with persistently high interest rates are deterring farmers from purchasing machinery. As farmers make fewer purchases, inventories of equipment are swelling, cutting into profits for dealers and big manufacturers alike. Manufacturers Deere and CNH Industrial struggled to keep up with the strong demand for tractors in 2022 when farm income hit a record high and pandemic assistance payments gave farmers extra money to upgrade their fleets. Now both to hit their this year. Josh Gruett, dealer
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CNHI
Earnings
- 5/2/24 - Beat
CNHI
Sec Filings
- 5/9/24 - Form 8-K
- 5/7/24 - Form 144
- 5/7/24 - Form 144
- CNHI's page on the SEC website