“2025 net sales estimates remain down between 10% and 15%.”

In context

“housing starts, along with investment in multifamily and commercial real estate markets are slowing due to higher interest rates and broader economic pressure. Additionally, equipment replacement in the rental industry remains muted. All of these factors continue to drive caution in the market relative to capital investment. However, order activity over the course of the past quarter has trended more favorably. Global forestry markets are expected to remain flat to down 5%. The projection for the global road building market remains roughly flat. North America is slightly lower year-over-year. However, growth in Europe and a slight recovery in China are contributing to keep industry levels roughly unchanged from 2024. Moving on to the Construction and Forestry segment outlook on Slide 11. 2025 net sales estimates remain down between 10% and 15%. Net sales guidance for the year now includes flat currency translation and about 2 points of negative price realization, driven by the competitive pricing environment in earthmoving in North America. The segment's operating margin is now projected to be between 8.5% and 10%, reflecting higher levels of tariff costs and lower price realization. Transitioning to our Financial Services operations on Slide 12. Worldwide Financial Services net income attributable to Deere & Company in the third quarter was $205 million. Net income was higher due to lower provision for credit losses and prior year special items. For fiscal year '25, our outlook increased to $770 million. Revised estimates for SA&G spending and provision for credit losses in 2025 drove the improvement from last quarter's forecas”