HomeIndustriesDeere Cuts Profit Outlook as Tractor Demand Slumps

Deere Cuts Profit Outlook as Tractor Demand Slumps

Deere & Co. cut its full-year profit outlook for 2024 as tractor sales slumped amid freefalling crop prices. These lower retail prices result in farmers having less money at their disposal for further equipment purchases and upgrades.

Currently, the world’s largest farm machinery producer, Deere & Co., trading in the United States as John Deere, stated that net income for the fiscal year is expected to come in at $7.5 billion to $7.75 billion, down from an initial profit outlook of $7.75 billion to $8.25 billion set in November. Estimates compiled by Bloomberg amounted to $7.75 billion.

“Moving forward, we expect fleet replenishment to moderate as agricultural fundamentals normalize from record levels in 2022 and 2023,” Deere Chief Executive Officer John May stated, suggesting that the demand levels experienced over the past two years have been irregularly high.

Stocks Continue Slide as Israel-Iran Tension Ensues

Stocks on the New York Stock Exchange continued their drop-off on Friday as investor anxiety rose following Israel's retaliatory strike against Iran. Market composure...

United Airlines Stock Jumps 14% After Strong Q1 Results and Optimistic Projections for Q2

Following a strong first-quarter earnings report, United Airlines saw its stock jump 14% on Wednesday. Investors were also intrigued by the company’s optimistic projections...

iPhone Shipments Drop By 10%, Get Overtaken By Samsung as World’s Largest Phone Seller

2024 is shaping up to be a challenging year for tech giant Apple. The company saw its iPhone shipments drop by almost 10% in...