Deere Reports Net Income of $17.34 Billion for Third Quarter
Despite Challenging Environment, Full-Year Net Income Forecast Unchanged
Q3 Net Income Attributable to the Company Drops 42%
Moline, Illinois - Deere Company (NYSE: DE) reported a net income of $17.34 billion for the third quarter ended July 28, 2024, equating to $6.29 per share. This represents a decrease from the net income of $29.8 billion reported during the same period last year.
Key Findings:
- Net income attributable to the company dropped by 42% to $17.34 billion or $6.29 per share.
- The company's full-year net income forecast remains unchanged despite the challenging environment.
- The decline in net income is attributed to several factors, including increased material costs and supply chain disruptions.
Analysis:
Despite the decrease in net income for the third quarter, Deere's full-year net income forecast remains unchanged. This indicates the company's confidence in its long-term prospects, even amidst the current economic challenges. The company's net income has been impacted by several factors, including increased material costs due to inflationary pressures and supply chain disruptions caused by the global pandemic. Despite these challenges, Deere has taken steps to mitigate these effects, including implementing cost-cutting measures and increasing production efficiency.According to Deere's CEO, John May, "The company remains focused on executing its long-term growth strategy, including investing in new technologies and expanding its global reach." May also expressed optimism about the future, stating that "Deere is well-positioned to continue to deliver value to its customers and shareholders over the long term."
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