Deere & Company reported net income of $1,734 billion for the fiscal third quarter ending July 28, 2024. That's $6,29 per share. In the same period last year, the company had recorded a net profit of US$2,978 billion, or US$10,20 per share. For the first nine months of the year, net income attributable to Deere & Company was $5,855 billion, or $21,04 per share, compared to $7,797 billion, or $26,35 per share, in the same period from last year.
Global net sales and revenues fell 17%, totaling US$13,152 billion in the third quarter of 2024. In the nine months, the drop was 11%, resulting in US$40,572 billion. Net sales were $11,387 billion for the quarter and $35,484 billion for the nine months, compared to $14,284 billion and $41,765 billion a year ago, respectively.
The company's president and CEO, John C. May, commented on the numbers. According to him, "John Deere's third quarter results demonstrate our disciplined execution in the face of challenging conditions in the global agricultural and construction sectors."
Deere & Company forecasts net income of approximately $7 billion for fiscal year 2024. May explained that in response to weak market conditions, the company has taken steps to reduce costs and strategically align production with customer needs.
Receive the latest agriculture news by email
Receive the latest agriculture news by email
