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Deere announces third-quarter earnings of $851 million

Posted: 8/15/2014 | Views: 526
  • Slowdown in farm economy contributes to lower profits for agricultural equipment.
  • Construction and forestry and financial-services businesses have higher results.
  • Full-year earnings forecast about $3.1 billion.

MOLINE, Illinois (August 13, 2014) — Net income attributable to Deere & Company was $850.7 million, or $2.33 per share, for the third quarter ended July 31, compared with $996.5 million, or $2.56 per share, for the same period of 2013. For the first nine months of the year, net income attributable to Deere & Company was $2.513 billion, or $6.79 per share, compared with $2.730 billion, or $6.97 per share, last year.

Worldwide net sales and revenues decreased 5 percent, to $9.500 billion, for the third quarter and were down 4 percent, to $27.102 billion, for nine months. Net sales of the equipment operations were $8.723 billion for the quarter and $24.918 billion for nine months, compared with $9.316 billion and $26.373 billion for the same periods last year. 

"Deere's third-quarter performance reflected moderating conditions in the global farm sector, which have negatively affected demand for farm machinery and contributed to lower sales and profits for our agricultural-equipment business," said Samuel R.  Allen, chairman and chief executive officer. "At the same time, our construction and forestry and financial services divisions had higher profit, showing the benefit of a broad-based business lineup. Overall, it was a quarter of solid performance, with income exceeded only by last year's record for the corresponding period." 

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Source: John Deere

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