“While we don't have a 1Q '25 guide, I would say because of that on our production, probably the typical seasonal patterns in sales should not follow what maybe they would have historically.”

In context

“And the biggest reason are the underproduction in those shutdowns that we've talked about. So Waterloo tractors, half of the production days in the fourth quarter were not producing. Harvester combined is something like 2/3 of the production days were not we're not operating. Similarly, Monheim, Josh Rohleder mentioned 1/3 of days, we're underproducing pretty significantly in construction equipment in the fourth quarter as well. So that is even though typically, we have some shutdown and more on the seasonal products like combines, we've pulled that back much more significantly in the fourth quarter. And you're right, margins, EPS will suffer as a result of that. But we don't think that is a good launching point from an EPS perspective or how we run from a margin perspective into 1Q '25. While we don't have a 1Q '25 guide, I would say because of that on our production, probably the typical seasonal patterns in sales should not follow what maybe they would have historically. David Raso: Come on the gap in the fourth quarter. What -- clarification, please. Josh Jepsen: I think what you see there, it's really the operational aspects of what we see flowing through from a margin perspective. So I think that's the biggest driver. I don't see anything significant from a kind of below the line that would drive a significant delta there. David Raso: We can talk -- but it is a pretty big gap. Operator: Next, we'll go to the line of Kristen Owen from Oppenheimer. Kristen Owen: Also a little bit of clarification on some of the prepared comments and some of the Q&A afterwards. I just want to make sure I understand inventory to sales ratio in the third quarter looks like that was flat from 2Q -- just help us understand the difference in end user demand versus those produc”