Deere & Co reported a net income of $1.751bn (€1.623bn) for quarter one (Q1) of its financial year, which ended 28 January, and an 11% decrease on the $1.959bn (€1.808bn) for the same period in 2023.

Worldwide net sales and revenues decreased 4% collectively across all business divisions to $12.185bn (€11.245bn) during the first quarter.

Net sales

Looking closer, net sales for the production and precision ag division totalled $4.484bn (€4.140bn) for Q1, back 7% on the same period during 2023.

Interestingly, net sales for the small ag and turf division at $2.425bn (€2.238bn) was harder hit, having decreased 19% on Q1 2023.

Meanwhile, the construction and forestry segment was least affected. Net sales increased marginally from $3.212bn (€2,964n) during Q1 2024 on $3.203bn (€2.956n) during Q1 2023.

Looking ahead, net income for the fiscal year 2024 is forecasted to range between $7.50bn (€6.923bn) and $7.75bn (€7.153bn).

In essence, John C May, John Deere chairman and chief executive officer, outlined that he expects the market to calm and “normalise” from the record levels witnessed during 2022 and 2023.