“While our combine Early Order Program does not finish until the end of November, we expect volumes to be down double digits when compared to 2023.”

In context

“mers will have a little more discretion on equipment CapEx decisions, creating a more dynamic volume environment for the next year. Now turning to an equipment sales perspective, we see a really mixed bag in 2024. To give a little color, I'll start with our Early Order Program results by products. As previously noted on the third quarter call, our model year 2024 sprayer Early Order Program ended strong, up year-over-year, and planters were flat year-over-year with revenues bolstered by a strong mix for larger equipment and higher precision ag take rates. And while early orders are flat to up for our crop care products, we will still be making -- or we will be making minimal post-season deliveries in 2024, which will put some downward pressure on shipment volumes when compared to 2023. While our combine Early Order Program does not finish until the end of November, we expect volumes to be down double digits when compared to 2023. Finally, we manage tractors on a rolling order book basis. Our row crop tractor orders are booked through most of the second quarter with similar production levels to 2023. Meanwhile, 4-wheel drive tractors are sold out through the end of the third quarter, reflecting continued strong demand and restricted availability for the product line in 2024. Joshua Rohleder: Okay. So it sounds like EOPs are running the full gamut across our product lines. I guess that purports the next question. How are we positioned going into the year from an inventory perspective? Brent Norwood: Our teams did a tremendous job in 2023 managing North America production in line with the retail demand. To put that in context for new equipment, year-end inventory-to-sales ratios are at 15% for 220-plus horsepower”