Deere Q1 Sales Drop 4%

Feb. 15, 2024
Construction equipment sales were relatively flat at $3.2 billion.

Sales in the first quarter totaled $12.19 billion for Deere, down 4% from $12.65 billion in Q1 2023. Construction and forestry sales, however, remained relatively flat at $3.21 billion compared to $3.20 billion in Q1 2023.

The company said price increases in construction equipment were offset by lower shipment volumes. The sector’s operating profit also dropped, by 9%, to $566 million compared to $625 million in Q1 2022. The company cited higher production costs as one factor in the decline.

The 2024 outlook for construction equipment is flat or down 5% sales for the U.S. and Canada. Global roadbuilding, which includes the Wirtgen product group, is also forecast flat for 2024.

Josh Jepsen, SVP/CFO, and Aaron Wetzel, VP, production & precision ag, discuss the results below.

About the Author

Rod Sutton

I have served as the editorial lead of Construction Equipment magazine and since 2001. 

Our mission is to help managers of heavy equipment and trucks to improve their performance in acquiring and managing their fleets. One way we do that is with our Executive Institute, where experts share information and ideas that will enable equipment managers to accurately manage equipment costs so that they can deliver the optimum financial benefits to their organizations.

We also have a laser focus on product development, performance, and technology; as well as equipment acquisition, disposal, and maintenance. Our exclusive Field Tests take earthmoving equipment and truck into the field for professional evaluations.

Check out our free newsletters to see the latest content.

You can find me on LinkedIn.