Deere & Company (NYSE: DE), a leading manufacturer of agricultural and construction equipment, reported a sharp fall in revenue and profit for the third quarter of 2024.
Total net sales and revenues decreased 17% year-over-year to $13.2 billion in the July quarter, with revenue declining in all operating segments except Financial Services.
Net income was $1.73 billion or $6.29 per share in the third quarter, compared to $2.98 billion or $10.20 per share in the comparable quarter a year earlier. For fiscal year 2024, net income attributable to Deere & Company is projected to be approx. $7 billion.
“John Deere’s third-quarter results showcase our disciplined execution in the face of challenging conditions in the global agricultural and construction sectors,” said CEO John May.