“The segment's operating margin continues to be forecasted between 13.5% and 14.5% in line with slowing net sales.”

In context

“d by better than expected production in Brazil despite regional weather challenges and a slower than forecasted recovery in Argentina. Industry sales in Asia are forecasted down moderately. Moving on to our segment forecast beginning on Slide 7. Production and Precision Ag, our net sales forecast remains down between 20 and 25% for the full year. The forecast now assumes roughly two points of positive price realization and flat currency translation for the full year. For the segment's operating margin, our full year forecast remains between 20.5% and 21.5% despite muted demand. Slide 8, covers our forecast for the Small Ag and Turf segment. We expect net sales to remain down between 20% and 25%. The guide now includes two points of positive price realization and flat currency translation. The segment's operating margin continues to be forecasted between 13.5% and 14.5% in line with slowing net sales. Shifting now to construction and forestry on Slide 9, net sales for the quarter were down 13% year-over-year to $3.235 billion due to lower shipment volumes. Price realization was negative by one point. Currency translation was also negative by more than half a point. Operating profit of $448 million was down year-over-year resulting in a 13.8% operating margin due primarily to lower shipment volumes, unfavorable sales mix, and negative price realization. Slide 10 provides an update to our 2024 construction and forestry industry outlook. Industry sales for earthmoving equipment in the U.S. and Canada is now expected to be down 5% to 10% while compact construction equipment in the U.S. and Canada is now expected to be flat to down 5%. Demand for earthmoving and compact construction equipme”