Deere & Co 8-K, filed Jan 8, 2020
Deere & Co (DE)
About this 8-K
Deere & Co filed this 8-K on January 8, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
| FORM |
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report:
(Date of earliest event reported)
DEERE & COMPANY
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices and zip code)
(
(Registrant’s telephone number, including area code)
___________________________________________________
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 7.01 | Regulation FD Disclosure. |
| The attached CES analyst day slides (Exhibit 99.1) are furnished under Form 8-K Item 7.01. The information is not filed for purposes of the Securities Exchange Act of 1934 and is not deemed incorporated by reference by any general statements incorporating by reference this report or future filings into any filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent Deere & Company specifically incorporates the information by reference. | |
| Item 9.01 | Exhibits. |
| (d) | Exhibits |
2
Exhibit Index
Number and Description of Exhibit
| (99.1) | CES analyst day slides (Furnished herewith) |
| (104) | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document) |
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Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DEERE & COMPANY | ||
| By: | /s/ Todd E. Davies | |
| Todd E. Davies | ||
| Secretary | ||
| Dated: January 8, 2020 | ||
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Exhibit 99.1
CES ANALYST DAY JANUARY 2020, LAS VEGAS, NV
Safe Harbor Statement & Disclosures Commentary and discussion from the CES analyst day and these slides may include forward-looking statements and information concerning the company’s plans and projections for the future, including estimates and assumptions with respect to economic, political, technological, weather, market acceptance, acquisitions and divestitures of businesses, anticipated transaction costs, the integration of new businesses, anticipated benefits of acquisitions, and other factors that impact our businesses and customers. They also may include financial measures that are not in conformance with accounting principles generally accepted in the United States of America (GAAP). Words such as “forecast,” “projection,” “outlook,” “prospects,” “expected,” “estimated,” “will,” “plan,” “anticipate,” “intend,” “believe,” or other similar words or phrases often identify forward-looking statements. Actual results may differ materially from those projected in these forward-looking statements based on a number of factors and uncertainties. Additional information concerning factors that could cause actual results to differ materially, and other important information about non-GAAP financial measures, is contained in the company’s most recent Form 10-K and periodic reports filed with the U.S. Securities and Exchange Commission, and is incorporated by reference herein. Investors should refer to and consider the incorporated information on risks and uncertainties in addition to the information presented here. The company, except as required by law, undertakes no obligation to update or revise its forward-looking statements whether as a result of new developments or otherwise. The CES analyst day and these slides are not an offer to sell or a solicitation of offers to buy any of the company’s securities.
CES Analyst Day 8:30 - 9:15 - 10:00 11:00 9:15 — Presentation (May, Campbell) 10:00 — Q&A (May, Campbell, Jepsen) - 11:00 — Transportation to CES Booth - 12:15 — Booth Tour
PRIORITIES OUTCOMES Focused capital allocation – – – Intensify precision ag investments Aftermarket and Retrofit Address low-performing products Financial Operational Sustainability – – – Aligned cost structure – – Organizational design for future Optimize footprint
PRODUCTION SYSTEMS APPROACH LEADS TO INNOVATIONS LIKE THESE
The All New 8R Tractor Ultimate Precision Ag Tractor: – – – – Integrated GPS receiver with Gen 4 display 5-year JD-Link connectivity AutoTrac activation with turn automation Sensor technology for automation Scalable Modular Architecture: – – First of next-generation tractors Designed to scale across tractor platform Integrated High-Power Electrification: – – Industry-first Electric Infinitely Variable Transmission (E-IVT) Electric implement drive capability Agronomics: – – Industry-first 4-track for rigid-frame, row-crop tractor Preserves soil health
Automation to Autonomy TODAY’S TECH JOB EXECUTION TOMORROW’S TECH FORWARD PERCEPTION
Insights to Intelligence & Anywhere Management
Plant-level Management Plant-level Management: – Machines optimize conditions for individual plant FIELD PLANT LEVEL ZONE Competencies Required: ROW – – – Machine learning Computer Vision Robotics See & Spray: – See & Spray is first application of plant-level management Leverages existing suite of proprietary and foundational Deere technologies See and Spray just the beginning for use of machine learning in ag equipment – –
Aftermarket Opportunity – Higher penetration of parts throughout entire life-cycle of machine Predictive maintenance alerts enabled by telematics on capable machines Capitalize on significant opportunity in retrofit market – –
Repositioning Organization to Capture Opportunity Ahead Industry is changing… AUTOMATED. EASY TO USE. MORE PRECISE. BIGGER. FASTER. STRONGER. Deere is aligning organization to meet the challenge AUTONOMY | EMPOWERMENT | ACCOUNTABILITY
Guidance Recap Industry Forecast for 2020 U.S. and Canada Ag EU 28 Ag South America Ag (tractors and combines) Asia Ag U.S. and Canada Turf & Utility Down ~5% ~ Flat ~ Flat ~ Flat ~ Flat
Glidepath to 15% Margins 15% Cost Opportunities Aftermarket Retrofit & Organizational structure and design Footprint assessment W irtgen cost synergies – Precision Ag – ~12.5% Increased penetration across lifecycle Significant opportunity in retrofit – – – – Continued adoption plus intro of new technologies – Market share contribution – Ability for price realization – Mix enhancement 2020 at normal volumes/mix* 2022 goal at normal volumes/mix *Current forecasted for 2020 volume/mix below normal
Operational Outcomes Priorities Operational Outcomes – – Greater emphasis on differentiation Operations more responsive to changing market conditions More efficient structure to serve global markets Focused R&D and investments Agile organization with optimized footprint –
Uniquely Positioned to Deliver Sustainable Outcomes
ARE YOU READY FOR.•.
JOHN DEERE