Deere & Co. reported net income of $1.751 billion for the first quarter ended Jan. 28, 2024 compared with net income of $1.959 billion for the quarter ended Jan. 29, 2023.

Worldwide net sales and revenues decreased 4% to $12.185 billion, in the most recent quarter. Net sales were $10.486 billion for the quarter, compared with $11.402 billion in 2023.

“Deere's first-quarter performance underscores the effectiveness of our Smart Industrial operating model and the dedication of our workforce, enabling improved performance across economic cycles that surpasses historical benchmarks,” said John C. May, chairman and chief executive officer. “Moreover, we remain committed to empowering our customers to improve their productivity and sustainability through ongoing investment in the next generation of solutions, as evidenced by our partnership on satellite communications to expand rural connectivity announced this quarter.”

Net income attributable to Deere & Co. for fiscal 2024 is forecasted to be in a range of $7.50 billion to $7.75 billion.

“Moving forward, we expect fleet replenishment to moderate as agricultural fundamentals normalize from record levels in 2022 and 2023,” May said. “Regardless of where we are in the cycle, demand is accelerating for products and solutions that empower our customers to do more with less, and we are uniquely positioned to deliver unparalleled value to our customers.”

Click here for more Industry News.