John Deere -3%, Earnings Beat But Lower Y/Y

sales were $13.610 billion for the quarter and $24.097 billion for six months, compared with $16.079 billion and $27.481 billion last year.

“John Deere’s second-quarter results were noteworthy in light of continued changes across the global agricultural sector,” CEO John C. May said in a release. “Thanks to the dedication and hard work of our team, we continue to demonstrate structurally higher performance levels across business cycles and are benefitting from stability in construction end markets amid declining agricultural and turf demand.”

Net income attributable to Deere & Company for fiscal 2024 is forecasted to be approximately $7.0 billion.

“We are proactively managing our production and inventory levels to adapt to demand changes and position the business for the future,” May said. “Despite market conditions, we are committed to our strategy and are actively investing in and deploying innovative technologies, products, and solutions to ensure our customers' success.”