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We're still on large ag overall relatively low levels of inventory.
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2023 Q2
20 May 23
it doesn't change our expectation to meet historically low target levels of inventory at the end of the year
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2023 Q2
20 May 23
the pull ahead in the second quarter hasn't changed at all our view on end of year
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2023 Q2
20 May 23
because of the pull ahead in production in the second quarter. We've seen channel inventories come up a little bit faster than expected
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2023 Q2
20 May 23
With respect to ending inventory, our forecast for the end of the year actually hasn't changed since our last guidance in the first quarter.
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2023 Q2
20 May 23
as a result, you're going to see a sequential decline anywhere from 10% to 15% in revenue as we go into the third quarter
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2023 Q2
20 May 23
while we are seeing improvement in the supply chain, which is helping us to deliver products and solutions for our customers, the situation remains fragile
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2023 Q2
20 May 23
As we look ahead to the rest of 2023, we see robust demand with our order books
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2023 Q2
20 May 23
we expect the ending inventories in 2023 to be below target levels
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2023 Q2
20 May 23
we are producing roughly 20% to 25% less than the average production volumes of prior replacement periods
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2023 Q2
20 May 23
The current replacement cycle began in 2021 after a six-year period of historic underinvestment in ag equipment.
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2023 Q2
20 May 23
The large ag inventory build seen recently is due to the return to normal seasonality in our production schedules.
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2023 Q2
20 May 23
John Deere Financial
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2023 Q2
20 May 23
There's been no change in our ability to fund the portfolio and the credit quality has been outstanding.
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2023 Q2
20 May 23
sales for small ag equipment have been running behind pace this year, leading to increased field inventory
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2023 Q2
20 May 23
Interest-rate expense is only about 6% to 7% of total ag production expenses
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2023 Q2
20 May 23
Bumper crops in Russia, Australia, and Brazil are not enough to offset the combined effect of this year's severe losses in Argentina and Ukraine.
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2023 Q2
20 May 23
don't foresee adding a lot more production to the back half of the year
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2023 Q2
20 May 23
Our safety stocks for critical components are still low and our margin of error is relatively thin.
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2023 Q2
20 May 23
there are still enough constraints in the supply base that will limit higher levels of production later in the year
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2023 Q2
20 May 23