John Deere(DE)2025-02-13 11:00Financial Performance - Deere & Company reported a net income of 1,751 million in Q1 2024, resulting in earnings per share of 6.23[1][5]. - Worldwide net sales and revenues decreased by 30% to 12.185 billion in Q1 2024[2][24]. - Net sales for the three months ended January 26, 2025, were 10,486 million in the same period of 2024[27]. - Total income after income taxes for the quarter was 1,746 million in the prior year[37]. - Net income attributable to Deere & Company for the first quarter of 2025 was 1,751 million in the first quarter of 2024[27]. - Basic earnings per share decreased to 6.25 in Q1 2024, representing a decline of 48.8%[27]. - The company reported a net income attributable to Deere & Company of 1,544 million year-over-year[37]. - Net income for the three months ended January 26, 2025, was 1,541 million in the same period of 2024[42]. Segment Performance - The production and precision agriculture segment saw net sales drop by 37% to 338 million[6][24]. - Small agriculture and turf segment net sales decreased by 28% to 124 million[10][24]. - Construction and forestry segment net sales fell by 38% to 65 million[13][24]. Financial Position - Total assets as of January 26, 2025, were 107,320 million as of October 27, 2024[29]. - Total liabilities decreased to 84,395 million as of October 27, 2024[29]. - Cash and cash equivalents decreased to 7,324 million, reflecting a reduction in liquidity[40]. - The company’s equity attributable to stockholders was 22,836 million in the previous quarter[40]. - The company’s financing receivables increased to 44,309 million, showing a shift in financial asset management[40]. Cash Flow and Investments - The company reported a net cash used for operating activities of 908 million in Q1 2024[31]. - Cash flows from operating activities showed a net cash outflow of 908 million in 2024[42]. - Cash flows from investing activities resulted in a net cash outflow of 342 million in 2024[42]. - Cash flows from financing activities provided a net cash inflow of 1,399 million in 2024[42]. - Total cash, cash equivalents, and restricted cash at the end of the period was 5,300 million in 2024[42]. Strategic Outlook - The company forecasts full-year net income for fiscal 2025 to remain in the range of 5.5 billion, reflecting resilience in a challenging market[3][4]. - The outlook for the agriculture and turf market indicates a decline of approximately 30% for large agriculture and 10% for small agriculture and turf in the U.S. and Canada[17][18]. - Deere's strategic focus includes optimizing inventory levels of both new and used equipment to navigate uncertain market conditions[3][4]. - The company continues to invest strategically to enhance customer outcomes despite the challenging market environment[4]. - The company plans to continue focusing on market expansion and new product development to drive future growth[37]. Research and Development - Research and development expenses for Q1 2025 were 533 million in Q1 2024[27]. - Research and development expenses remained stable at 1.62 per share in Q1 2025 from 441 million in 2025, down from $1,328 million in 2024[42].