Deere & Co reports 12% Q2 2024 net sales decline, revises full-year profit forecast due to lower tractor and equipment sales amid declining crop prices.
Deere & Co reported a 12% year-over-year decline in Q2 2024 net sales to $15.235bn, beating consensus estimates, but the company revised its full-year profit forecast for the second time, citing lower tractor and equipment sales due to declining crop prices. The US Department of Agriculture anticipates a 25.5% decline in 2024 net farm income. Deere's stock price fell by 6% to $389.01 following the release of the results.
May 15, 2024
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