Deere Earnings: 2024 Will Be Challenging, but We Remain Positive on Long-Term Demand

Deere reported fiscal first-quarter earnings largely in line with our expectations. Global ag demand continues to cool. Equipment sales were down 8% year on year to approximately $10.5 billion, while diluted EPS was down 5% year on year. Looking at the segments, lower ag volumes sent the production and precision ag segment down 7% year on year, while small ag and turf fell 19% year on year.