Deere sees FY24 Production & Precision Ag net sales down 20%-25%

Sees FY24 Small Ag & Turf net sales down 20%-25%. Sees FY24 Construction & Forestry net sales down 10%-15%. Fiscal-year 2024 net income attributable to Deere & Company for the financial services operations is forecasted to be approximately $720 million. Results are expected to be higher than fiscal year 2023 due to income earned on higher average portfolio balances, partially offset by a higher provision for credit losses and less-favorable financing spreads. A correction of the accounting treatment for financing incentives offered to John Deere dealers impacted 2023 financial results. The cumulative effect of this correction, $173 million pretax was recorded in the second quarter of 2023.