Deere & Company has reported a net income of $1.245bn for the fourth quarter of 2024, compared with net income of $2.369bn for the same quarter in 2023, representing a 47% drop.
For fiscal year 2024, net income attributable to Deere & Company dropped by a sizeable 30% year on year.
This year, it finished at $7.1bn, compared with $10.166bn in fiscal 2023.
Worldwide net sales and revenues decreased by 28% to $11.143bn for the fourth quarter of fiscal 2024 and decreased by 16% to $51.716bn for the full year.
Net sales were $9.275bn for the quarter and $44.759bn for the year, compared with $13.801bn and $55.565bn in fiscal 2023 respectively.
Worldwide net sales and revenues decreased by 28%, to $11.143bn, for the fourth quarter of fiscal 2024 and decreased by 16%, to $51.716bn, for the full year.
“Amid significant market challenges this year, we proactively adjusted our business operations to better align with the current environment,” said chair and CEO of Deere & Company John May.
“Together with the structural improvements made over the past several years, these adjustments enable us to serve our customers more effectively and achieve strong results across the business cycle.”
Company outlook
Looking to 2025 in each of the different sectors, Deere estimates its production and precision ag division will be down around 15%, its small ag and turf will be down around 10% and its construction and forestry will be down 10% to 15%.
Net income attributable to Deere & Company for fiscal year 2025 is forecasted to be in a range of $5bn to $5.5bn.
“As we navigate ongoing headwinds across our markets, we remain committed to making meaningful investments in our future while deepening our relationships with customers,” May continued.
Deere & Company has reported a net income of $1.245bn for the fourth quarter of 2024, compared with net income of $2.369bn for the same quarter in 2023, representing a 47% drop.
For fiscal year 2024, net income attributable to Deere & Company dropped by a sizeable 30% year on year.
This year, it finished at $7.1bn, compared with $10.166bn in fiscal 2023.
Worldwide net sales and revenues decreased by 28% to $11.143bn for the fourth quarter of fiscal 2024 and decreased by 16% to $51.716bn for the full year.
Net sales were $9.275bn for the quarter and $44.759bn for the year, compared with $13.801bn and $55.565bn in fiscal 2023 respectively.
Worldwide net sales and revenues decreased by 28%, to $11.143bn, for the fourth quarter of fiscal 2024 and decreased by 16%, to $51.716bn, for the full year.
“Amid significant market challenges this year, we proactively adjusted our business operations to better align with the current environment,” said chair and CEO of Deere & Company John May.
“Together with the structural improvements made over the past several years, these adjustments enable us to serve our customers more effectively and achieve strong results across the business cycle.”
Company outlook
Looking to 2025 in each of the different sectors, Deere estimates its production and precision ag division will be down around 15%, its small ag and turf will be down around 10% and its construction and forestry will be down 10% to 15%.
Net income attributable to Deere & Company for fiscal year 2025 is forecasted to be in a range of $5bn to $5.5bn.
“As we navigate ongoing headwinds across our markets, we remain committed to making meaningful investments in our future while deepening our relationships with customers,” May continued.
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