Deere & Co. Lowers 2024 Profit Forecast Amid Economic Pressures

The agricultural equipment manufacturer cites high borrowing costs and falling crop prices as key reasons for the adjustment.

Deere & Co. lowers its 2024 profit forecast, citing high borrowing costs and falling crop prices as key factors.
The company's shares fell over 5% in intraday trading following the announcement.
Deere reported a fiscal first-quarter profit of $1.75 billion, with a per-share profit of $6.23, surpassing Wall Street expectations.
Revenue for the first quarter fell 8% from the previous year, with sales in its largest unit, Production & Precision Agriculture, declining by 7%.
Net farm income in the U.S. is expected to decline by 27% to $116 billion, marking the largest drop since 2006.