Q2 income Deere & Co. declines

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Deere & Company reported net income of $2.370 billion for the second quarter of the fiscal year ended April 28, 2024, compared with net income of $2.860 billion for the quarter ended April 30, 2023. For the first six months of the year, net income was $4.121 billion, compared with $4.819 billion for the same period last year.

Worldwide net sales and revenues decreased 12 percent, to $15.235 billion, for the second quarter of 2024 and decreased 9 percent, to $27.420 billion, for six months. Net sales were $13.610 billion for the quarter and $24.097 billion for six months, compared with $16.079 billion and $27.481 billion last year.

“John Deere’s second-quarter results were noteworthy in light of continued changes across the global agricultural sector,” stated John C. May, chairman and chief executive officer. “Thanks to the dedication and hard work of our team, we continue to demonstrate structurally higher performance levels across business cycles and are benefitting from stability in construction end markets amid declining agricultural and turf demand.”

“We are proactively managing our production and inventory levels to adapt to demand changes and position the business for the future,” May explained. “Despite market conditions, we are committed to our strategy and are actively investing in and deploying innovative technologies, products, and solutions.”

Net income of Deere & Company for fiscal 2024 is forecasted to be approximately $7.0 billion.

 

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