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Deere & Company (DE+0.03%) has submitted its Form 10-K filing for the fiscal year ended October 27, 2024.
The filing reports net sales of $44.8 billion, a decrease from $55.6 billion in 2023, attributed to declining market conditions affecting sales volumes.
The company reported a net income of $7.1 billion, down from $10.2 billion in the previous year, with diluted earnings per share decreasing to $25.62 from $34.63.
Deere's Production and Precision Agriculture segment saw net sales of $20.8 billion, a 22% decrease from 2023, due to lower sales volumes in major markets.
The Small Agriculture and Turf segment reported net sales of $11.0 billion, also down 22% from the previous year, influenced by reduced demand in key regions.
The Construction and Forestry segment experienced a 12% decline in net sales to $13.0 billion, impacted by decreased construction activity and rental purchases.
The Financial Services segment recorded revenues of $6.5 billion, a 17% increase from 2023, due to higher average financing rates and portfolio balances.
The company implemented employee-separation programs in 2024, incurring a total pretax expense of $157 million, as part of strategic restructuring efforts.
Deere entered a joint venture with Banco Bradesco S.A. for its Brazilian subsidiary, Banco John Deere S.A., with the transaction expected to close in 2025.
The filing details various risks, including economic conditions, supply chain disruptions, and regulatory changes, which could impact future operations.
Deere continues to focus on its Smart Industrial Operating Model and Leap Ambitions to drive growth and sustainability in its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Deere & Company annual 10-K report dated December 12, 2024. To report an error, please email earnings@qz.com.