“2024 net sales are now forecasted to be down between 5% and 10%.”

In context

“e U.S. and Canada is expected to be flat. Improvements in the industry outlook are reflective of a better-than-expected demand backdrop and stabilized optimism through the balance of the year, as dealer inventories return to more normal levels. End markets remain healthy, with single-family housing starts improving, infrastructure spending continuing to increase and elevated manufacturing investment levels offset by further declines in commercial investments. Global forestry markets are expected to be down around 10%, as all global markets continue to be challenged. Global road building markets are forecasted to be roughly flat, with strong infrastructure spending in the U.S., offset by continued softness in Europe. Moving to this Construction and Forestry segment outlook on Slide 11. 2024 net sales are now forecasted to be down between 5% and 10%. Net sales guidance for the year includes about 1.5 points of positive price realization and flat currency translation. The segment's operating margin remains projected between 17% and 18%. Transitioning to our financial services operations on Slide 12. Worldwide financial services net income attributable to Deere & Company in the first quarter was $207 million. The increase in net income was mainly due to a higher average portfolio balance, which was partially offset by less favorable financing spreads. For fiscal year 2024, our outlook remains at $770 million, as benefits from a higher average portfolio balance offset less favorable financing spreads. As a reminder, fiscal year 2023 net income was also impacted by a non-repeating onetime accounting correction. Finally, Slide 13 outlin”