John Deere reports Q3 2024 results
Deere & Company reported a net income of $1.734 billion for the third quarter ended July 28, 2024. That equates to $6.29 per share, compared with Q3 2023 net income of $2.978 billion (or $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 with $7.797 billion, or $26.35 per share, for the same period last year.
Worldwide net sales and revenues decreased 17 percent, to $13.152 billion, for the third quarter of 2024 and decreased 11 percent, to $40.572 billion, for nine months. Net sales were $11.387 billion for the quarter and $35.484 billion for nine months, compared with $14.284 billion and $41.765 billion last year, respectively.
"John Deere’s third-quarter results showcase our disciplined execution in the face of challenging conditions in the global agricultural and construction sectors," said John C. May, chairman and CEO. "Despite facing significant headwinds, our teams have demonstrated resiliency in adapting to market fluctuations, allowing us to remain focused on advancing our strategy and consistently providing exceptional value to our customers."
Net income attributable to Deere & Company for fiscal 2024 is forecasted to be approximately $7 billion.
"In response to weak market conditions, we have taken steps to reduce costs and strategically align our production with customer needs," said May, alluding to recent heavy layoffs. "Although these decisions were difficult, they are vital for our continued success and competitiveness. Our commitment to our customers is at the heart of everything we do, and we are confident that these proactive measures will allow us to continue investing in innovative, high-quality products and solutions that improve our customers’ lives."
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