Deere Lowers Profit Forecast Again Amid Declining Farm Equipment Demand

Farmers' reduced spending on machinery due to lower crop prices and rising costs pressures Deere's outlook for 2024.

Deere cuts its full-year net income forecast to $7 billion, down from previous estimates of up to $7.75 billion.
The company reported better-than-expected fiscal Q2 earnings, with EPS of $8.53 and revenue of $15.24 billion.
Sales in Deere's Production & Precision Agriculture division fell 16% year-over-year, while Small Agriculture & Turf sales dropped 23%.
The U.S. Department of Agriculture projects a 25.5% decline in net farm income for 2024, impacting farmers' purchasing power.
Deere's shares fell over 3% as the market reacted to the revised outlook and declining equipment sales.