Deere Capital Adjusts 2020 Guidance in Response to COVID-19

Deere & Company provided an update regarding the ongoing COVID-19 coronavirus pandemic, according to a related 8-K filing. The ultimate magnitude of COVID-19, including the extent of its impact on Deere & Company’s financial and operational results, which could be material, will be determined by the length of time that the pandemic continues, its effect on the demand for the company’s products and services and the supply chain, as well as the effect of governmental regulations imposed in response to the pandemic.

As a U.S. federally designated essential critical infrastructure business, Deere will continue its domestic operations and plans to continue to operate in other parts of the world to the extent possible. These operations, however, may be affected by issues such as remote working arrangements, adherence to social distancing guidelines and other COVID-19-related challenges.

Presently, certain of the company’s facilities are reducing operations and, in some cases, are temporarily shutting down operations because of the coronavirus.

Deere has faced challenges associated with COVID-19, including availability of its employees, employees’ working arrangements, the supply chain and the ability to receive goods on a timely basis and at anticipated costs, logistics costs, the normal operations of company facilities, including temporary closures as mandated or otherwise made necessary by governmental authorities; as well as demand for the company’s products.

As a result of these factors, Deere & Company is withdrawing the financial outlook for 2020 provided in its Form 8-K filed on February 21, 2020 and its Form 10-Q filed on February 27, 2020, and its subsidiary, John Deere Capital, is withdrawing the financial outlook for 2020 provided in its Form 10-Q filed on February 27, 2020. Further updates will be provided in the company’s Q2/20 earnings announcement and conference call scheduled for May 22, 2020.

Above all else, the company is committed to the safety and well-being of its employees and is doing everything possible to ensure that its facilities follow the highest standards of safety and hygiene. At the same time, the company and its employees remain committed to meeting the needs of customers and ensuring they receive equipment, parts and services in a timely manner.

Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
[email protected]
Susie Angelucci
Advertising: 484.459.3016
[email protected]

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.