Deere sees FY24 Production & Precision Ag net sales down 20%-25%

Sees FY24 Small Ag & Turf net sales down 20%-25%. Sees FY24 Construction & Forestry net sales down 5%-10%. Sees FY24 Financial Services net income about $770M. Results are expected to be higher than fiscal year 2023 due to income earned on a higher average portfolio, partially offset by a higher provision for credit losses and less-favorable financing spreads. A correction of the accounting treatment for financing incentives offered to John Deere dealers impacted 2023 financial results. The cumulative effect of this correction, $173M pretax, was recorded in the second quarter of 2023.