Deere & Co (NYSE:DE) reported a 4% decline in Q1 fiscal 2024 net sales and revenue to $12.185 billion, surpassing consensus estimates. Despite beating revenue expectations, the company saw declines in several segments, with Production & Precision Agriculture and Small Agriculture & Turf net sales dropping 7% and 19% Y/Y, respectively. Construction & Forestry revenue remained flat, while Financial services revenues grew 32% YoY. Operating profit fell 13% Y/Y, and EPS decreased to $6.23 from $6.55 YoY, still beating consensus estimates. Deere also revised its 2024 net income outlook downwards and expects declines in net sales across several segments. Shares fell 4.4% to $367.57.