Deere Announces $1.245 Billion Net Income for Q4, $7.1 Billion for Fiscal Year 2024

Deere reports $1.245 billion net income for Q4 and $7.1 billion for FY 2024, projecting $5.0 to $5.5 billion for FY 2025 with a focus on customer productivity and profitability.

MOLINE, Illinois - Deere & Company., an agricultural machinery manufacturer, reported Q4 2024 net income of $1.245 billion ($4.55 per share), down from $2.369 billion ($8.26 per share) in Q4 2023. For FY 2024, net income was $7.1 billion ($25.62 per share), compared to $10.166 billion ($34.63 per share) in FY 2023.

Deere & Company reported a 28% decrease in worldwide net sales and revenues for Q4 fiscal 2024, totaling $11.143 billion, and a 16% decline for the full year, with revenues of $51.716 billion. Net sales for Q4 were $9.275 billion, down from $13.801 billion in Q4 2023, and $44.759 billion for the year, compared to $55.565 billion in fiscal 2023.

Mr. John May, chairman and CEO of Deere & Company, said,  “Amid significant market challenges this year, we proactively adjusted our business operations to better align with the current environment. Together with the structural improvements made over the past several years, these adjustments enable us to serve our customers more effectively and achieve strong results across the business cycle.”

“As we navigate ongoing headwinds across our markets, we remain committed to making meaningful investments in our future while deepening our relationships with customers. Our team of over 75,000 dedicated employees come to work each day with a singular focus: delivering products and solutions that enhance efficiency and reduce operating costs for our customers. By providing the essential tools they need, we empower our customers to succeed and thrive in an ever-evolving and challenging landscape.”