Deere says planned job cuts not expected to affect revised guidance

In a regulatory filing, Deere said that on May 31, the company announced to its employees a plan to reduce its production and salaried workforce to help the company meet its strategic priorities while reducing overlap and redundancy in roles and responsibilities. It is anticipated that the activities related to salaried employees will occur during the third quarter of fiscal year 2024. The guidance provided on its earnings call held on May 16 is unchanged. The workforce reduction is not expected to impact the guidance.