Deere Reports 42% Decrease in Quarterly Profit: Q3 2024
Revenue Drops by 17% in Deere's Q3 2024 Compared to Last Year: Adapting to Market Challenges
Deere & Company [DE] reported a net income of $1.734 billion for the third quarter ended July 28, 2024. Compared to the previous quarter, there was a decrease from the net income of $2.978 billion reported in the previous quarter, reflecting the challenging market conditions amid global economic fluctuations.
The company, headquartered in Moline, Illinois, reported to SEC in an 8-K filing $6.29 earnings per share in the quarter, compared to $10.20 in the previous quarter.
Deere, a prominent player in the agriculture and machinery sector, reported total revenue of $13.152 billion, showing a decline compared to the previous quarter's revenue of $15.801 billion. The company continues to navigate through market challenges while focusing on delivering value to its customers in the ever-evolving global market landscape.
In comparison to the same quarter in the previous year, Deere registered a decline in revenue from $15.801 billion to $13.152 billion. The company reported a decrease in net income, with profits amounting to $1.734 billion in the current quarter compared to $2.978 billion in the same quarter of the previous year, reflecting a percentage change in profit of -42%.
As of August 14, 2024 end of day trading.
