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John Deere experienced a significant slump in profits for its agricultural division over the last year.
Recent results from its 2024 financial year has seen global farm machinery player John Deere record a significant slump in the profits of its agricultural division over the last year, with a 64% drop in the last quarter of the year, compared to that of 2023.
Revenue was down 28% in the same period, underlining the difficult trading conditions experienced recently.
The final quarter was particularly difficult, dragging the annual results down to 38% fall in revenue and a subsequent 35% lowering of profit over the company's 2024 trading year.
The company's response was to note that the results "demonstrate solid execution despite ongoing market challenges," which in farmer-speak means, "blimey, that could have been a lot worse".
Looking forwards, the business doesn't appear to be expecting much improvement any time soon, suggesting it expects overall net income for the 2025 year to be in the $5.0 to $5.5 billion range, compared to a figure of $7.1 billion for the just ended 2024.
On a more positive note, JD topped the league table in the French tractor market in 2024, while also topping the rankings in nine other European tractor markets.
The brand delivered around 19,600 of the 140,000 new 50hp+ tractors registered in Europe last year, of which 11,760 were in the three key markets of France, Germany, and Italy.
Breaking the numbers down, 6,059 units were registered in France for the 18.2% share of the total 33,225-unit market. This compared with 7,179 units and a 20.1% share of the 2023 market.
JD also held onto second place in the most important European market of Germany but regiestered 21% fewer new tractors; down from 5,899 and a 19.4% share of the 2023 market to 4,659 units and a 15.9% share in 2024.
The company lost even more ground in Italy where it registered 37% fewer new tractors; down from 1,666 in 2023 to 1,048 in 2024.
Elsewhere, the global giant topped the tractor charts in Bulgaria, Croatia, Czech Republic, Hungary, Lithuania, Norway, Poland, Sweden and Spain, while achieving second places in Belgium, Finland, the Netherlands and Switzerland, and third places in Portugal and Slovenia.
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