Deere & Co. reported net income of $869 million for the first quarter ended Jan. 26, or $3.19 per share, down from net income of $1.75 billion, or $6.23 per share, for the same quarter in 2024.

Worldwide net sales and revenues decreased 30%, to $8.5 billion, in the most recent quarter. Net sales were $6.8 billion for the quarter, compared with $10.4 billion in 2024.

Deere’s net income for fiscal year 2025 is forecasted to remain in a range of $5 billion to $5.5 billion, according to the company’s earnings report.

“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,” John C. May, chairman and CEO, said in a prepared statement. “We’re seeing compelling evidence that our efforts are positioning the company to successfully navigate the current environment.”

Net sales in Deere’s production and precision agriculture segment were $3.06 billion in the first quarter of 2025, down 37% from $4.84 billion a year ago. The decrease is attributed to lower shipment volumes, the report said.

The company’s 2025 outlook for production and precision agriculture forecasts a 15% to 20% drop in net sales. The report says the forecasts do not reflect the impact of potential import tariffs.

Deere’s financial services segment brought in $230 million in net income in the first quarter, an 11% increase from $207 million in 2024.

Net sales for the small agriculture and turf and construction and forestry segments dropped by 28% and 38%, respectively, compared with 2024.

To read the full report, click here.