“Given the continued headwinds and a competitive market environment, we expect orders for 2024 to be down in line with industry demand.”

In context

“due to the tremendous potential of our integrated offerings across production systems to drive productivity, profitability and sustainability for producers in the region, all the while building a more resilient and responsive business to handle market fluctuations. Joshua Rohleder: Okay. Thanks, Josh. And now let's finish up on the ag side with Europe. What are the dynamics over there, Brent? Brent Norwood: While volumes will be down a bit next year, Europe remains more stable relative to the other markets we've already discussed. It's been a consistent story, and we expect 2024 to be no different. While large tractor demand finished strong, we did see moderation across mid tractors and combines. We were able to manage production accordingly and feel well positioned heading into 2024. Given the continued headwinds and a competitive market environment, we expect orders for 2024 to be down in line with industry demand. And with order books approximately 45% full, this gives us visibility through most of the first half of the year. Ultimately, we remain committed to executing our business strategy in Europe. Our focus remains on offering differentiated value to our customers through increasing precision tech adoption. Joshua Rohleder: Thanks, Brent. That's really helpful. Let's shift now to C&F. With 2023 being a story of rental and dealer re-fleeting following 2 years of constrained production, what should we expect to see in 2024? And then secondly, we've heard a lot about mega project and infrastructure spending still to come, yet guidance is down for the next fiscal year. Can you walk us through what's going on there? Brent Norwood: You bet, Josh. On one hand, you have strong end markets and infras”