“The segment's operating margin is projected to be around 17%.”

In context

“. government infrastructure spending further increases. Investments in manufacturing persist and single-family housing starts to improve. Tailwinds are tempered by declines in commercial real estate and softening in rental demand throughout the balance of the year. Global forestry markets are expected to be down around 10% as all global markets continue to be challenged. Global road building markets are now forecasted to be flat to down 5% as strong infrastructure spending in the U.S. is offset by continued softness in Western Europe. Moving to the Construction and Forestry segment outlook on Slide 11. 2024, net sales remain 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 is projected to be around 17%. Transitioning to our Financial Services operations on Slide 12. Worldwide financial services net income attributable to Deere & Company in the second quarter was $162 million. Net income was positively impacted by a higher average portfolio balance, which was partially offset by a higher provision for credit losses and less favorable financing spreads. As a reminder, net income in the second quarter of 2023 was also impacted by a nonrepeating onetime accounting correction. For fiscal year 2024, our outlook for net income remains at $770 million as benefits from a higher average portfolio balance offset a higher provision for credit losses and less favorable financing spreads. Finally, Slide 13 outlines our guidance for Deere & Company's net income, our effective tax rate and oper”