“I think the implication is at the bottom of the cycle, we would expect to perform significantly better than we have in the past as well.”

In context

“ased that we can generate 2.5x the net income at these levels. And given the mix, as most of them are closer to mid-cycle than not, we feel like it's a pretty good example of what we can deliver at mid-cycle volumes. Josh Jepsen: Yes, Mike, this is Josh. I think just maybe to add on what Brent mentioned. I think importantly here, what we can deliver here at near mid-cycle is fundamentally different than how we performed in the past. So we're talking about roughly $8 billion of net income, $28, $29 of EPS. You can compare that back to 2013, a period we often get compared to, and we are significantly better than that point in time. And I think that's important because you're seeing a significant shift in terms of how do we perform mid-cycle. Obviously, you saw how well we performed in '23. I think the implication is at the bottom of the cycle, we would expect to perform significantly better than we have in the past as well. So we're excited about the opportunities ahead of us. It's not just around how we manage the cycle because we see more opportunity for growth from an ability to create value for customers through technology as well as reducing volatility for both customers in their operations and for Deere. So there's a tremendous amount of room for us over the balance of the decade to continue improving. Brent Norwood: That concludes today's call. We appreciate everyone's time and hope you all have a great Thanksgiving. Operator: Thank you. That does conclude today's conference. Thank you all for participating. You may disconnect at this time.”