Deere Reports Second Quarter Net Income of $2.370 Billion

May 16, 2024

Quarterly results underscore sound execution in the face of challenging market conditions.
Global agricultural and turf demand further softens while the construction industry remains stable.
Full-year net income forecast updated to approximately $7.0 billion.

MOLINE, Illinois — 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. For the first six months of the year, net income attributable to Deere & Company was $4.121 billion, or $14.74 per share, compared with $4.819 billion, or $16.18 per share, for the same period last year.

Worldwide net sales and revenues decreased 12 percent, to $15.235 billion, for the second quarter of 2024 and decreased 9 percent, to $27.420 billion, for six months. Net 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,” stated John C. May, chairman and chief executive officer. “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.”

Source : John Deere

Video: How Did This Happen… Late Night Disaster!!

We started the day with some spraying ahead of the corn planter, then we transitioned over to the bean planter. While we were running the bean planter, the corn planter was hard at work all day. After days of grinding, we finally sealed the deal and finished up the very last of our corn planting!

Everything was running flawlessly until late into the night. Just as we were wrapping up, disaster struck—a massive flat tire on the sprayer… We were able to get the sprayer off the road safely and into the field. What a day!

My name is Michael Wendling, and I am proud to be a 6th-generation farmer carrying forward a family legacy that began in 1879 here in East Central Illinois.

Today, our operation focuses on raising food-grade corn for Frito-Lay and also soybeans. While the tools and technology have evolved, our core values remain the same: hard work, integrity, and a deep respect for the land we steward. Thank you for following along and supporting the journey.