Deere & Company (NYSE:DE) Q2 2020 Earnings Conference Call - Final Transcript

May 22, 2020 • 10:00 am ET


Deere & Company (NYSE:DE) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning and welcome to Deere & Company Second Quarter Earnings Conference Call. [Operator Instructions]

I would now like to turn the call over to Mr. Josh Jepsen, Director of Investor Relations. Thank you. You may begin.

Josh Jepsen

Thank you. Hello, good morning. Also on the call today are John May, Chairman and CEO; Ryan Campbell, Chief Financial Officer; Cory Reed, Ag & Turf Division President; and Brent Norwood, Manager of Investor Communications. Today, we'll take a closer look at Deere's second quarter earnings, then spend some time talking about our markets and our current outlook for fiscal 2020. After that, we'll respond to your questions.

Please note, slides are available to complement the call this morning. They can be accessed on our website at Just a reminder, this call is being broadcast live on the Internet and recorded for future transmission and use by Deere & Company. Any other use recording or transmission of any portion of this copyrighted broadcast without the expressed written consent of Deere is strictly prohibited. Participants in the call, including the Q&A session agree that their likeness and remarks in all media may be stored and used as part of the earnings call.

This call includes forward-looking comments concerning the Company's plans and projections for the future, that are subject to important risks and uncertainties. Additional information concerning factors that could cause actual results to differ materially is contained in the Company's most recent Form 8-K and periodic reports filed with the Securities and Exchange Commission.

This call may also include financial measures that are not in conformance with the accounting principles generally accepted in the United States of America, or GAAP. Additional information concerning these measures, including reconciliations to comparable GAAP measures is included in the release and posted on our website at under Quarterly Earnings and Events.

I'll now turn the call over to John May.

John C. May

Thanks, Josh. Good morning, and welcome to John Deere's second quarter earnings call. Before discussing the details of the quarter, I'd like to begin the call with an overview of our response to COVID-19 and the near-term implications of the pandemic for our business.

First off, I sincerely hope that you and your families are safe and healthy and well. These times are challenging for many people and my thoughts are with those affected by COVID-19. Additionally, I'd like to express my sincere gratitude to those who are serving our communities, so that we can all overcome this pandemic from the courageous medical professionals to those tirelessly working in industries essential to stability and recovery, such as the extraordinary colleagues at John Deere and many of our customers, I want to say thank you.

As John Deere has responded to COVID-19, our first priority has been and will always be the health, safety and overall welfare of our employees. It is only by protecting our workforce that we can ultimately deliver on our commitment to our customers and fulfill our role as an essential business, a