News Release   February 15, 2024

Deere Reports First Quarter Net Income of $1.751 Billion

  • Strong quarterly operating margins from equipment operations demonstrate structural improvement near mid-cycle volumes.
  • Fleet replenishment moderating as agricultural fundamentals normalize.
  • Full-year net income now forecasted to be $7.50 to $7.75 billion.

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.

Worldwide net sales and revenues decreased 4 percent, to $12.185 billion, in the most recent quarter. Net sales were $10.486 billion for the quarter, compared with $11.402 billion in 2023.

“Deere's first-quarter performance underscores the effectiveness of our Smart Industrial operating model and the dedication of our workforce, enabling improved performance across economic cycles that surpasses historical benchmarks,” said John C. May, chairman and chief executive officer. “Moreover, we remain committed to empowering our customers to improve their productivity and sustainability through ongoing investment in the next generation of solutions, as evidenced by our partnership on satellite communications to expand rural connectivity announced this quarter.”

Company Outlook & Summary

Net income attributable to Deere & Company for fiscal 2024 is forecasted to be in a range of $7.50 billion to $7.75 billion.

“Moving forward, we expect fleet replenishment to moderate as agricultural fundamentals normalize from record levels in 2022 and 2023,” May said. “Regardless of where we are in the cycle, demand is accelerating for products and solutions that empower our customers to do more with less, and we are uniquely positioned to deliver unparalleled value to our customers.”

Additional financial information is available in the PDF version of this release.

Forward-looking Statements

Certain statements contained herein, including in the section entitled “Company Outlook & Summary,” “Industry Outlook,” and “Deere Segment Outlook,” relating to future events, expectations, and trends constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and involve factors that are subject to change, assumptions, risks, and uncertainties that could cause actual results to differ materially. Some of these risks and uncertainties could affect all lines of the company’s operations generally while others could more heavily affect a particular line of business.

Forward-looking statements are based on currently available information and current assumptions, expectations, and projections about future events and should not be relied upon. Except as required by law, the company expressly disclaims any obligation to update or revise its forward-looking statements. Many factors, risks, and uncertainties could cause actual results to differ materially from these forward-looking statements. Among these factors are risks related to:

  • changes and compliance with U.S., foreign and international laws, regulations, and policies relating to trade, economic sanctions, data privacy, spending, taxing, banking, monetary, environmental (including climate change and engine emission), and farming policies;
  • political, economic, and social instability of the geographies in which the company operates, including the ongoing war between Russia and Ukraine and the war between Israel and Hamas;
  • adverse macroeconomic conditions, including unemployment, inflation, rising interest rates, changes in consumer practices due to slower economic growth, and regional or global liquidity constraints;
  • worldwide demand for food and different forms of renewable energy;
  • the ability to execute business strategies, including the company’s Smart Industrial Operating Model, Leap Ambitions, and mergers and acquisitions;
  • the ability to understand and meet customers’ changing expectations and demand for John Deere products and solutions;
  • accurately forecasting customer demand for products and services and adequately managing inventory;
  • the ability to integrate new technology, including automation and machine learning, and deliver precision technology and solutions to customers;
  • changes to governmental communications channels (radio frequency technology);
  • the ability to adapt in highly competitive markets;
  • dealer practices and their ability to manage distribution of John Deere products and support and service precision technology solutions;
  • changes in climate patterns, unfavorable weather events, and natural disasters;
  • governmental and other actions designed to address climate change in connection with a transition to a lower-carbon economy;
  • higher interest rates and currency fluctuations which could adversely affect the U.S. dollar, customer confidence, access to capital, and demand for John Deere products and solutions;
  • availability and price of raw materials, components, and whole goods;
  • delays or disruptions in the company’s supply chain;
  • our equipment fails to perform as expected, which could result in warranty claims, post-sales repairs or recalls, product liability litigation, and regulatory investigations;
  • the ability to attract, develop, engage, and retain qualified personnel;
  • security breaches, cybersecurity attacks, technology failures, and other disruptions to John Deere information technology infrastructure and products;
  • loss of or challenges to intellectual property rights;
  • legislation introduced or enacted that could affect the company’s business model and intellectual property, such as right to repair or right to modify legislation;
  • investigations, claims, lawsuits, or other legal proceedings;
  • events that damage the company’s reputation or brand;
  • world grain stocks, available farm acres, soil conditions, harvest yields, prices for commodities and livestock, input costs, and availability of transport for crops; and
  • housing starts and supply, real estate and housing prices, levels of public and non-residential construction, and infrastructure investment.

Further information concerning the company and its businesses, including factors that could materially affect the financial results, is included in the company’s filings with the SEC (including, but not limited to, the factors discussed in Item 1A. “Risk Factors” of our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q). There also may be other factors that the company cannot anticipate or that are not described herein because the company does not currently perceive them to be material.

This media release, financial highlights, and more financial data are available in PDF format.

For further information, the news media should contact:
Jen Hartmann
Director, Public Relations
Deere & Company
HartmannJenniferA@JohnDeere.com