Deere's Net Income Forecast Remains Steady Despite Adversity

Financial Results for the Third Quarter of 2024

Despite ongoing economic challenges, Deere & Company has maintained its full-year net income forecast.

Third Quarter Performance

For the third quarter ended July 28, 2024, Deere reported a net income of $17.34 billion, equating to $6.29 per share. This represents a decrease from the same period last year, where net income reached $29.8 billion.

Key Findings:

• Third-quarter net income: $17.34 billion
• Per-share earnings: $6.29
• Year-over-year decrease of 42%

Full-Year Forecast

Despite the third quarter's decline, Deere has reaffirmed its full-year net income forecast. The company remains optimistic about its financial performance for the remainder of 2024.

This forecast is based on the following factors:

• Expected growth in construction and forestry markets
• Continued demand for agricultural equipment in select regions
• Cost-saving initiatives implemented by the company

Conclusion

Deere's resilience in the face of economic headwinds is a testament to the strength of its business strategy and the dedication of its employees. While the third quarter saw a decrease in net income, the company remains confident in its long-term growth prospects and its ability to deliver value for shareholders.

Sources:

• Deere & Company Reports Third-Quarter Results for Fiscal 2024
• Deere misses on earnings but maintains full-year outlook