Deere: quarterly net profit almost halved

(CercleFinance.com) - John Deere reports a 47% drop in net income to $1.
24 billion for its final quarter 2023-24 (ended October), or EPS of $4.55, on revenues down 28% to just over $11.1 billion.

"In a challenging market environment this year, we have proactively adjusted our businesses to better adapt to the current environment," says John May, CEO of the agricultural and construction machinery manufacturer.

Posting a net profit down 30% to 7.1 billion dollars for the full year just ended, against a target of around seven billion, Deere says it anticipates between five and 5.5 billion for its 2024-25 financial year.

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