Deere & Company
Deere & Company Reports Second Quarter Fiscal 2024 Results and Updates Outlook
Summary
Deere & Company reported a net income of $2.370 billion for the second quarter of fiscal 2024, a decrease from $2.860 billion in the same period last year. The company's worldwide net sales and revenues also declined by 12 percent to $15.235 billion for the quarter. The company attributed the decline to lower shipment volumes in its agricultural and turf segments, partially offset by stability in the construction industry. Deere updated its full-year net income forecast to approximately $7.0 billion, reflecting proactive management of production and inventory levels. The press release and financial statements are furnished as Exhibit 99.1.
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About Deere & Company
Deere & Company is a prominent global leader in the manufacturing of agricultural, construction, and forestry machinery. Renowned for its iconic green and yellow John Deere brand, the company produces a wide array of equipment including tractors, combines, and harvesters, playing a crucial role in the agricultural sector by boosting productivity and efficiency. Additionally, Deere & Company extends its innovation into construction and forestry machinery, offering bulldozers, excavators, and forestry harvesting units that support infrastructure development and resource management. Beyond machinery, the company is involved in precision agriculture technology, integrating data-driven insights and automation to enhance farming outcomes. Established in 1837 and headquartered in Moline, Illinois, Deere & Company's products reach a global market, impacting industries vital for both food production and urban development. Its significant presence in these sectors underscores its crucial role in addressing global challenges related to agriculture, construction, and forestry, contributing to sustainable land management and infrastructure growth.
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