The Ottumwa Courier

Southeast Iowa

February 14, 2014

Deere announces record first-quarter earnings

MOLINE, Ill. — Net income attributable to Deere & Company was $681.1 million, or $1.81 per share, for the first quarter ended Jan. 31, 2013, compared with $649.7 million, or $1.65 per share, for the same period last year.

Worldwide net sales and revenues for the first quarter increased 3 percent, to $7.654 billion, compared with $7.421 billion last year. Net sales of the equipment operations were $6.949 billion for the quarter compared with $6.793 billion a year ago.

“With another record quarter, John Deere has started 2014 on a strong note,” said Samuel R. Allen, chairman and chief executive officer. “Our results demonstrate the adept execution of our operating and marketing plans, which are aimed at expanding our global market position and helping our customers throughout the world be more profitable and productive. In addition, we are seeing further benefit from efforts to hold the line on costs.”

Net sales of the worldwide equipment operations increased 2 percent for the quarter. Sales included price increases of 2 percent and an unfavorable currency-translation effect of 2 percent. Equipment net sales in the United States and Canada rose 3 percent for the quarter. Outside the U.S. and Canada, net sales increased 2 percent, including an unfavorable currency-translation effect of 3 percent.

Deere’s equipment operations reported operating profit of $891 million for the quarter, compared with $837 million last year. Results benefited from price realization, partially offset by a less favorable product mix and the unfavorable effects of foreign currency exchange.

Financial services reported net income attributable to Deere & Company of $142.2 million for the quarter compared with $132.9 million last year. The improvement was primarily related to growth in the credit portfolio and a more favorable effective tax rate. These factors were partially offset by lower crop insurance margins, increased selling, administrative and general expenses and less favorable financing spreads.

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