Deere small ag and turf sales drop 28 percent
Deere & Company reported its worldwide net sales and revenues decreased 30 percent, to $8.508 billion, for the first quarter ended January 26, 2025. Net sales were $6.809 billion for the quarter, compared with $10.486 billion in 2024.
“Deere’s performance in the first quarter highlights our continued focus on optimizing inventory levels of both new and used equipment amidst the uncertain market conditions our customers are facing,” said John C. May, chairman and chief executive officer. “We’re seeing compelling evidence that our efforts are positioning the company to successfully navigate the current environment.”
Small Ag & Turf
Small agriculture and turf sales decreased for the quarter as a result of lower shipment volumes. Operating profit decreased primarily due to lower shipment volumes / sales mix, partially offset by lower production costs.
Net Sales off 28 %
- 2025, $1,748
- 2024, $2,425
Construction & Forestry
Construction and forestry sales decreased for the quarter as a result of lower shipment volumes. Operating profit decreased primarily due to lower shipment volumes / sales mix, unfavorable price realization, and higher SA&G and R&D expenses.
Net Sales off 38 %
- 2025, $1,994
- 2024, $3,212
Industry outlook for 2025
- Large ag, down ~30%
- Small Ag & Turf, down ~10%
- Construction & Forestry, down ~10%
- Compact Equipment, down ~5%
Deere outlook for 2025
- Production & Precision Ag, down ~15 to 20%
- Small Ag & Turf, down ~10%
- Construction & Forestry, down ~10 to 15%
This outlook does not reflect the impacts of potential import tariffs by the U.S. and retaliatory actions taken by other countries given the uncertain and rapidly evolving environment.
