- Results demonstrate solid execution despite ongoing market challenges.
- Full-year 2025 earnings projected to range from $5.0 to $5.5 billion, highlighting improved structural performance.
- Remain committed to making investments that enhance customer productivity and profitability.
Deere & Company reported net income of $1.245 billion for the fourth quarter ended October 27, 2024, or $4.55 per share, compared with net income of $2.369 billion, or $8.26 per share, for the quarter ended October 29, 2023. For fiscal-year 2024, net income attributable to Deere & Company was $7.100 billion, or $25.62 per share, compared with $10.166 billion, or $34.63 per share, in fiscal 2023.
Ahead of Deere's earning call, JP Morgan analyst Tami Zakaria wrote, "We believe this FY25 EPS guide is in line with the bull’s bar, while falls above the bear’s bar of mid-teens dollar EPS heading into the print, per our conversations. Bears would argue this guidance sets DE up for misses and cuts in the coming quarters if the retail sales environment deteriorates amid already high inventory in the channel for the industry, similar to FY24 when DE had to cut the original FY24 net income guide by ~13% through the course of the year."
Worldwide net sales and revenues decreased 28 percent, to $11.143 billion, for the fourth quarter of fiscal 2024 and decreased 16 percent, to $51.716 billion, for the full year. Net sales were $9.275 billion for the quarter and $44.759 billion for the year, compared with $13.801 billion and $55.565 billion in fiscal 2023, respectively.
“Amid significant market challenges this year, we proactively adjusted our business operations to better align with the current environment,” said John May, chairman and CEO of Deere & Company. “Together with the structural improvements made over the past several years, these adjustments enable us to serve our customers more effectively and achieve strong results across the business cycle.”
Company Outlook & Summary
Net income attributable to Deere & Company for fiscal 2025 is forecasted to be in a range of $5.0 billion to $5.5 billion.
“As we navigate ongoing headwinds across our markets, we remain committed to making meaningful investments in our future while deepening our relationships with customers,” May continued. “Our team of over 75,000 dedicated employees come to work each day with a singular focus: delivering products and solutions that enhance efficiency and reduce operating costs for our customers. By providing the essential tools they need, we empower our customers to succeed and thrive in an ever-evolving and challenging landscape.
