2024-02-15 15:30:02 ET
Deere & Company (DE)
Q1 2024 Earnings Conference Call
February 15, 2024 10:00 AM ET
Company Participants
Josh Beal - Director of IR
John May - Chairman and Chief Executive Officer
Josh Jepsen - CFO
Aaron Wetzel - VP, Production Systems for Production and Precision ag
Joshua Rohleder - Manager of Investor Communications
Conference Call Participants
Jerry Revich - Goldman Sachs
Kristen Owen - Oppenheimer
Chad Dillard - Bernstein
Angel Castillo - Morgan Stanley
David Raso - Evercore ISI
Steven Fisher - JPMorgan
Tami Zakaria - JPMorgan
Steve Volkmann - Jefferies
Tim Thein - Citigroup
Presentation
Operator
Good morning, and welcome to Deere & Company First Quarter Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Mr. Josh Beal, Director of Investor Relations. Thank you. You may begin.
Josh Beal
Hello. Welcome, and thank you for joining us on today's call. Joining me on the call today are John May, Chairman and Chief Executive Officer; Josh Jepsen, Chief Financial Officer; Aaron Wetzel, Vice President, Production Systems for Production and Precision ag; and Josh Rohleder, Manager, Investor Communications.
Today, we'll take a closer look at Deere's first quarter earnings, then spend some time talking about our markets and our current outlook for fiscal 2024. After that, we'll respond to your questions. Please note that slides are available to complement the call this morning. They can be accessed on our website at johndeere.com/earnings.
First, a reminder, this call is broadcast live on the Internet and recorded for future transmission and use by Deere & Company. Any other use, recording or transmission of any portion of this copyrighted broadcast without the express written consent of Deere is strictly prohibited. Participants in the call, including the Q&A session, agree that their likeness and remarks in all media may be stored and used as part of the earnings call.
This call includes forward-looking statements concerning the company's plans and projections for the future that are subject to uncertainties, risks, changes in circumstances and other factors that are difficult to predict. Additional information concerning factors that could cause actual results to differ materially is contained in the company's most recent Form 8-K, Risk Factors in the Annual Form 10-K, as updated by reports filed with the Securities and Exchange Commission.
This call also may include financial measures that are not in conformance with accounting principles generally accepted in the United States of America, GAAP. Additional information concerning these measures, including reconciliations to comparable GAAP measures, is included in the release and posted on our website at johndeere.com/earnings under Quarterly Earnings and Events.
I'll now turn the call over to Josh Rohleder.
Joshua Rohleder
Good morning. John Deere completed the first quarter, demonstrating solid execution across the cycle. Financial results for the quarter included an 18.5% margin for the equipment operations. Fundamentals in the end markets that we serve remain supportive of equipment replacement demand. ag fundamentals, while down from the record highs of the last few years, have returned to near mid-cycle levels....
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Deere & Company (DE) Q1 2024 Earnings Call Transcript