On the occasion of the publication of its quarterly results, John Deere now anticipates net income of around $7 billion for its 2023-24 financial year, compared with a target range of $7.5 and $7.75 billion three months ago.

For its second accounting quarter, the manufacturer of agricultural and construction machinery posted net earnings down 17% to $2.37 billion, or EPS of $8.53, on revenues down 12% to just over $15.2 billion.

The Moline, Illinois-based group explains that it suffered from difficult market conditions, with 'global demand in agriculture and turf having weakened once again, while the construction sector remained stable'.

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