Chicago | Reuters — Deere and Co. on Tuesday announced indefinite layoffs for 163 U.S. manufacturing workers at plants in Illinois and Iowa that make agricultural, forestry and construction equipment, citing decreased customer demand. The layoffs come week after the company said it would reduce production by 20 per cent at its facilities in Illinois […] Read more
Tag Archives earnings
Deere to lay off 163 U.S. workers as trade war dents demand
Cannabis firm Tilray sees growth slowing
Reuters — Pot producer Tilray Inc. reported a wider-than-expected quarterly loss on Tuesday, as it ramped up investments to boost production and warned of muted growth in the Canadian recreational marijuana market for the second half of the year. Shares of the Nanaimo, B.C.-based company fell eight per cent after hours. Canada in October became […] Read more
Bayer, Elanco said aiming to reach animal health deal next week
Reuters — Germany’s Bayer and U.S. drug firm Elanco Animal Health aim to reach an agreement to combine their animal health businesses as soon as next week, Bloomberg reported Wednesday, citing people with knowledge of the matter. Elanco plans to pay for at least a part of the deal with its stock and any deal […] Read more
Major grain traders face one-two punch from U.S. floods, trade war
Chicago | Reuters — Severe U.S. weather likely dented earnings for large grain companies including Archer Daniels Midland and Bunge for a second straight quarter, adding to headwinds from a still-unresolved U.S.-China trade war, analysts and economists said. ADM and Bunge, as well as peers Cargill and Louis Dreyfus, known as the ABCD quartet of […] Read more
Weed leader Canopy Growth ousts co-CEO
Corrected, Aug. 27, 2019 — Reuters — Canopy Growth Corp. fired founder and co-CEO Bruce Linton, a surprise move that comes just a week after the Canadian cannabis producer’s largest shareholder expressed disappointment over its loss-making streak. The world’s largest pot company announced earlier in the day that Linton was stepping down, leaving Mark Zekulin […] Read more
Bunge moves from regional to global operating model
Chicago | Reuters — U.S. agricultural commodities trader Bunge on Wednesday overhauled its global operations and named a new chief financial officer in the latest shake-up for the 200-year-old company hard hit by a years-long grain market downturn. The moves come as Bunge reported a stronger-than-expected first-quarter profit due to higher soy crush margins in […] Read more
JBS predicts profits will be stronger this year
Sao Paulo | Reuters — JBS SA executives said Friday the Brazilian meat company will deliver higher earnings in 2019 on strong demand for beef in the U.S. and Australia as well as growing Chinese demand for various proteins. Still, first-quarter results will reflect lower cattle availability in the U.S. due to rains and a […] Read more
Bayer reaps profit lift from Monsanto
Leverkusen, Germany | Reuters –– Bayer’s US$63 billion purchase of seed and chemical firm Monsanto made its mark on the German company’s fourth quarter earnings on Wednesday, lifting profit and boding well for the peak season of its enlarged agriculture business. However, mounting litigation risks related to Monsanto still cast a pall over an adjusted […] Read more
JBS posts narrower-than-expected quarterly loss
Sao Paulo | Reuters — Brazil-based food company JBS SA on Tuesday posted a narrower than expected quarterly loss on the back of a strong performance by its Seara processed foods and Brazil beef divisions, and resilience in certain of its U.S. operations. Seara booked net sales of 4.9 billion reais (C$1.72 billion) last quarter, […] Read more
JBS beats estimates, refinances bank debt
Sao Paulo | Reuters — Brazil’s JBS SA, the world’s largest meatpacking company, beat analysts’ estimates for the first quarter and closed a deal to refinance the bulk of its bank debt on Monday. JBS’ net income for the first quarter, 506 million reais (C$179.45 million), was 48 per cent above analysts’ estimates, with higher […] Read more
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