Deere & Company reported net income of $1.734 billion for the third quarter of the fiscal year ended July 28 this year, compared with net income of $2.978 billion for the quarter ended July 30, 2023. For the first nine months of the year, net income was $5.855 billion, compared with $7.797 billion 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 chief executive officer. “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.”
As a result of the revenue decline, Deere was forced to layoff employees in a number of its factories across the globe this year.
