“2025 net sales remain forecasted to be down between 10% and 15%.”

In context

“and compact construction equipment. U.S. government infrastructure spending continues to provide support to the industry. However, projections for single-family housing starts are moderating given macro uncertainty and higher mortgage rates. Similarly, rental sales continue to soften while high interest rates continue to pressure multifamily and commercial real estate markets. Global forestry markets are expected to be flat to down 5% as all global markets remain challenged. Global road building markets are forecasted to be roughly flat with continued strong end market demand globally. In particular, record sales Alabama trade show in April reinforced the uptick we're seeing in sentiment and demand throughout Europe. Moving on to the Construction and Forestry segment outlook on Slide 12, 2025 net sales remain forecasted to be down between 10% and 15%. Net sales guidance for the year includes one point of negative net price realization and flat currency translation. The segment's operating margin is now projected to be between 8.5% and 11.5% due primarily to tariff impacts and, to a lesser degree, lower price realization. Now, transitioning to our financial services operations on Slide 13. Worldwide financial services net income attributable to Deere & Company in the second quarter was $161 million. Net income was flat due to less favorable financing spreads and a higher provision for credit losses which were offset by lower SA&G expenses and a reduction in derivative valuation adjustments. For fiscal year '25, our outlook remains at $750 million as benefits from a favorable compare to special items related to the sale of Banco John Dee”