Deere & Company (NYSE:DE) has released its financial results for the second quarter of fiscal 2024, highlighting a net income of $2.370 billion, or $8.53 per share.

This figure compares to a net income of $2.860 billion, or $9.65 per share, for the same period last year.

Worldwide net sales and revenues decreased by 12% to $15.235 billion for the quarter and by 9% to $27.420 billion for the first six months.

CEO John C. May commented on the results, stating, “John Deere’s second-quarter results were noteworthy in light of continued changes across the global agricultural sector.”

He further added, “Thanks to the dedication and hard work of our team, we continue to demonstrate structurally higher performance levels across business cycles and are benefitting from stability in construction end markets amid declining agricultural and turf demand.”

Looking ahead, the company has updated its full-year net income forecast to approximately $7 billion.