“The segment's operating margin continues to be projected between 11.5% and 12.5%.”

In context

“result of low levels of existing home inventory. These tailwinds are offset by subdued multifamily housing starts and a softening commercial real estate market as high interest rates continue to weigh on overall investment. Additionally, earthmoving rental reflating remains at low levels. Global forestry markets are expected to be flat to down 5% as all global markets continue to be challenged. Global road building markets are forecasted to be roughly flat with strong end-market demand persisting amid a return to more normal ordering seasonality. Moving to the CNF, showing an outlook on slide eleven. For 2025, net sales remain forecasted down between 10% and 15%. Net sales guidance for the year includes flat net price realization and one and a half points of negative currency translation. The segment's operating margin continues to be projected between 11.5% and 12.5%. Now transitioning to our financial services operations on slide twelve. Worldwide Financial Services net income attributable to Deere & Company in the first quarter was $230 million. Net income was favorably impacted by a decreased valuation allowance on assets held for sale of Banco John Deere. Note that Deere completed this transaction with Bradesco for the sale of 50% ownership in Banco John Deere subsequent to the quarter in February. Excluding this special item, net income decreased due to a higher provision for credit losses, partially offset by lower SG&A expenses. For fiscal year 2025, our outlook remains at $750 million as benefits from a lower provision for credit losses are partially offset by less favorable financing spreads. Finally, slide thirteen outlines our guidance for n”