with improved thank first joining for quarter. Deere completed generally and operations. fundamentals John Global quarter us this morning, today. X.X% for equipment the margin the ag you a Good
pressure to North demand in constrained market America. remains velocities, put which has overall in by order on the However, continued uncertainty particularly
the impact when of unchanged outlook the fiscal past quarter. from currency remains ag prior over largely XXXX movement excluding guidance Our
we calibrated as possible. shipping in Notably, were production build lower volumes year as full versus expectations schedules as to the quarter efficiently
a As the shortfall expect year. remainder recover quarter first the result, over of we the to
In construction in market by the and of in enabling Planned field rates, our under levels, dampened actual elevated a interest of demand, as supportive forestry, develops replacement albeit end competitive over inventory uncertainty drove remain the quarter during demand market the earthmoving fundamentals reductions further environment. and year. production optionality production first course segment
benefits sales tax revenues opens discrete $X.XX Deere to to Slide per items. $XXX to was were X Net and the billion, Net XX% sales the diluted of million $XXX included were Company & for $X.XXX to quarter. billion, down while down million with attributable first net which income special operations results for XX% $X.XXX share, or equipment related
over our primarily lower to realization and $X.XXX on ag last was by point. roughly to shipment quarter positive negative X.X Slide begin year, segments. compared first X. of just the XX% Currency business Turning individual precision was X sales were down due We with billion Price the by volumes. to Net points. production translation
volumes Operating costs. for year-over-year due R&D margin mix, operating offset The in decrease expenses lower profit million, and segment. and lower was an and SA&G $XXX was these to production resulting primarily partially shipment XX% by sales reduced
well. X was Price down on under point just negative billion sales lower a small as X. totaling Slide by X Moving point. positive quarter translation were the volumes. XX%, in realization Net result shipment turf Currency just by and on was ag to of $X.XX under as first
offset operating in by resulting sales to due lower costs. primarily and million, $XXX margin. to year-over-year The partially shipment volumes was declined profit a mix, Operating X.X% lower decrease production
our gives outlook and X markets ag industry globally. turf for Slide
We rates, fundamentals to interest improving elevated Canada further additional as uncertainty be ag to for which farm approximately used higher and down large and sales continue by expectations income, XX%, and by slightly industry macro ag tempered U.S. is net equipment the government inventory bolstered in expect support. levels are
For small level ag the despite down The and levels cattle U.S. XX years. remain in remains of and around demand industry turf estimates Canada, XX%. of in profitability the dairy strong segment livestock over inventory reaching and at lowest
U.S. in decisions. not compact further weigh and and these in rates into by impacted continued high purchase been profitability Canada However, has has translated yet interest on demand turf utility purchases. segments equipment weakness as tractors
now The uncertainty. to albeit macro dairy down, commodity X%. stabilized, prices less volatile with decline projected Farm stronger around to offsetting margins Moving industry is Europe. fundamentals have and
Central in is And Ukrainian from incomes. Eastern grain Additionally, pressure reduced net supporting Europe, better-than-expected farm imports
depreciation commodity sales local and South In of tractors of amidst years a in has industry real America, significant be year Brazil, yields. industry are X sentiment expected to following prices as roughly of of is combines pushed showing the signs In flat stronger higher improvement declines.
improve. In expected margins farm line to softening input with are costs,
and declining bean demand and midsized small equipment outsized demand global for tractors. stocks driven supporting production, strong have production, Additionally, tight coffee profitability in
despite be in currency impacts at to the year. still Argentina, the Asia decreased slightly. of tax In down sales are some Industry projected support reductions improvements export of and in margins beginning will negative risk farm dryness
forecast segment begins on our Slide X. Next,
impact. For of negative XX% assumes production now ag, year. the and forecasted forecast points full full down are year, The precision price for realization point by between and X the to for net offset roughly positive of XX% be currency sales X.X
the to Canadian to is currencies, the notably by driven the reduction most of primarily quarter dollar dollar our Brazilian nearly strengthening the relative The euro. real, foreign prior all guide and from sales
full is also reflecting For the currency year our the between fluctuations. operating segment's margin, and XX% XX%, impacts now forecast of guide
shows our small ag and segment. Slide for the turf X forecast
margin price XX% and realization point and X.X guide down positive operating We now of to remain translation. expect currency between includes negative net sales XX%. points remains guide This XX%. of This segment's around X.X
now lower realization to more roughly Shifting than shipment $X.XXX roughly sales translation year-over-year for negative Currency forestry Price by Slide on XX% declined X. also point. X by construction billion X was the negative volumes. to due and Net to point. quarter was
Operating SA&G to primarily profit in margin were in a primarily X.X% reduced segment. to unfavorable was inventory resulting and to year-over-year, price million quarter we as in the down lower operating $XX of field shipment as planned earthmoving higher volumes Lower due our as well mix, expenses. realization underproduction sales retail and volumes and due R&D shipment levels
the expected to be earthmoving Canada industry around is are and our equipment U.S. and to XX XX%, construction sales Slide describes in U.S. forestry for compact the be down construction X%. outlook. Canada while down expected and Industry equipment in
single-family End historically spending increase remained by while with existing high XXXX, demand levels, government low remains sequentially construction as starts result and markets of U.S. continue tempered across uncertainty in equipment. to at equipment home a compact inventory. infrastructure unchanged housing both construction levels of
offset continue tailwinds softening real a as are by to high interest and overall housing subdued starts investment. rates on multifamily These commercial weigh market, estate
remains refleeting earthmoving rental low Additionally, levels. at
challenged. expected as Global all flat, ordering end to Global more normal X% market be be markets down persisting to to with roughly continue global [indiscernible] forestry seasonality. be forecasted flat return demand strong to in rebuilding markets markets are to are
XX.X% between and between year Slide margin XXXX Net for guidance flat points C&F to XX, segment be sales and XX% net of forecasted outlook realization the continues remain on XX%. to projected net The sales and includes negative operating currency Moving price translation. X.X down the segment's XX.X%.
to services income decreased Now Net income financial first & services transitioning Slide Company Banco attributable Banco this for $XXX quarter the net a transaction of XX. sale that Bradesco by John to on ownership with was allowance Note the impacted Deere completed was Deere XX% sale financial quarter assets to in February. John valuation in our operations of Deere. in held for Worldwide a favorably the Deere on subsequent million.
decreased losses, by partially special higher credit which a SA&G for due provision net income this Excluding expenses. was to offset lower item,
provision benefits our are credit less financing from XXXX, a year lower by fiscal $XXX at offset million favorable outlook spreads. losses remains as for For partially
our flow. Finally, cash guidance for income, net operating tax and Slide rate outlines XX effective
billion our for For $X.X fiscal outlook year between billion. and net $X remains income 'XX,
lastly, $X.X billion. and Next, incorporates tax between and And rate XX%. billion the XX% effective from flow equipment $X.X our cash an guidance now between projected remains operations
full that a will the we during voluntary our million plan. cash Note for care fund to year. flows made quarter, XXX(h) health of salaried the impact our $XXX contribution This postretirement
our range unchanged. remains However, guidance
This concludes quarter. the few now formal our shift topics a specific to to comments. We'll
year, notably we've XX% of begin held decline income. quarter. year-over-year, Deere's saw majority We Let's performance the X%. just for and with sales guidance the our under net But roughly margins come in net this
through quarter Josh walk down for this what what means of Beal, rest and happened can the break you the this year? then
