Deere & Company announced a significant decline in its financial performance for the fourth quarter of fiscal 2024 amidst market challenges.
Revenue and Profit Decline
The company posted a net income of $1.245 billion, or $4.55 per share, marking a significant drop from $2.369 billion or $8.26 per share the previous year. This 47% decrease highlights the impact of reduced sales and operational challenges.
Segment Performance
The company’s worldwide net sales and revenues also fell significantly, down 28% to $11.143 billion. The decline was primarily attributed to lower shipment volumes across key segments: Production & Precision Agriculture, Small Agriculture & Turf, and Construction & Forestry.
Optimistic but Cautious Guidance
Deere & Company expressed cautious optimism for fiscal 2025, projecting a lower net income range of $5.0-$5.5 billion compared to $7.1 billion in 2024, anticipating continued market challenges.
Despite the challenges, Deere & Company remains focused on improving operational efficiency and continuing its strategic priorities.
