Deere Reports Second Quarter Net Income of $2.370 Billion (2024)

FAQs

What is the net income reported by Deere for quarter 2 of 2024? ›

MOLINE, Illinois (May 16, 2024) — Deere & Company reported net income of $2.370 billion for the second quarter ended April 28, 2024, or $8.53 per share, compared with net income of $2.860 billion, or $9.65 per share, for the quarter ended April 30, 2023.

Net income attributable to Deere & Company for fiscal 2024 is forecasted to be approximately $7.0 billion. "In response to weak market conditions, we have taken steps to reduce costs and strategically align our production with customer needs," said May.

The financial services division of Deere & Co. reported a 29% decline in net income year over year in its third quarter of fiscal 2024 as provisions for credit losses skyrocketed.

Worldwide net sales and revenues decreased 17 percent, to $13.152 billion, for the third quarter of 2024 and decreased 11 percent, to $40.572 billion, for nine months.

MOLINE, Illinois (February 15, 2024) — Deere & Company reported net income of $1.751 billion for the first quarter ended January 28, 2024, or $6.23 per share, compared with net income of $1.959 billion, or $6.55 per share, for the quarter ended January 29, 2023.

Outlook for Fiscal 2024

Looking ahead, Deere & Company forecasts net income of approximately $7.0 billion for fiscal 2024. The company plans to continue investing in innovative products and solutions, despite the current market difficulties.

Total debt on the balance sheet as of July 2024 : $66.11 B.

Largest shareholders include Vanguard Group Inc, BlackRock Inc., Jpmorgan Chase & Co, State Street Corp, VTSMX - Vanguard Total Stock Market Index Fund Investor Shares, VFINX - Vanguard 500 Index Fund Investor Shares, Capital World Investors, Wellington Management Group Llp, Morgan Stanley, and Geode Capital Management ...

MOLINE, Illinois (August 19, 2022) — Deere & Company reported net income of $1.884 billion for the third quarter ended July 31, 2022, or $6.16 per share, compared with net income of $1.667 billion, or $5.32 per share, for the quarter ended August 1, 2021.

John Deere says recent layoffs of both its salaried and production workforce are due to lower net farm income, higher interest rates and market volatility. Reed says John Deere expects equipment sales to be down 20% in 2024, due to economic pressures on the farm.

Is John Deere moving out of the United States? ›

The company also said it plans to move the manufacturing of skid steer loaders and compact track loaders from its Dubuque, Iowa facility to Mexico by the end of 2026.

Weaknesses. Dependence on Economic Cycles: Deere & Co's performance is closely tied to the agricultural and construction sectors, which are subject to economic fluctuations.

Both CAT and John Deere are known for producing heavy-duty, durable equipment. However, many people believe that CAT equipment is more rugged and better suited for tough working conditions. CAT equipment is often used in industries such as mining, where the equipment is subjected to extreme wear and tear.

In early 2022, a North Dakota farm filed a class-action lawsuit accusing John Deere of violating antitrust laws, and reaping profits while harming farmers. Company filings show Deere's repair business is 3x-6x more profitable than equipment sales, per Bloomberg.

MOLINE, Illinois (February 8, 2022) — Deere & Company (NYSE: DE) has acquired majority ownership in Kreisel Electric Inc., a leading pioneer in the development of immersion-cooled battery technology.

Of the 7 analysts making quarterly forecasts, 1raised and 1 lowered their forecast. For the fiscal year ending Oct 2024 , the consensus EPS* forecast has remained the same over the past week at 25.07 and decreased over the past month from 25.11 to 25.07(0.16%).

What Is Deere's Net Debt? You can click the graphic below for the historical numbers, but it shows that as of January 2024 Deere had US$63.8b of debt, an increase on US$54.8b, over one year. However, it also had US$3.83b in cash, and so its net debt is US$59.9b.

Lesson at a Glance. Estimating your projected income involves calculating your net income, which is your gross profit minus operating expenses. This may be presented in the form of an income statement. Your income statement will include amounts for revenue, cost of goods sold, gross profit, and operating expenses.