May 18, 2018 / 10:25 AM / 3 months ago

BRIEF-Deere & Co Reports Q2 Earnings Per Share Of $3.67

May 18 (Reuters) - Deere & Co:

* DEERE REPORTS SECOND-QUARTER NET INCOME OF $1.208 BILLION

* QUARTERLY EARNINGS PER SHARE $3.67

* Q2 WORLDWIDE NET SALES AND REVENUE INCREASED 29 PERCENT TO $10.720 BILLION

* Q2 EARNINGS PER SHARE VIEW $3.31, REVENUE VIEW $9.79 BILLION — THOMSON REUTERS I/B/E/S

* SAYS COMPANY EQUIPMENT SALES ARE PROJECTED TO INCREASE BY ABOUT 30 PERCENT FOR FISCAL 2018 - SEC FILING

* SAYS COMPANY EQUIPMENT SALES ARE PROJECTED TO INCREASE BY ABOUT 35 PERCENT FOR Q3

* QUARTERLY AGRICULTURE & TURF SALES ROSE 22 PERCENT

* CONSTRUCTION AND FORESTRY SALES INCREASED 84 PERCENT FOR THE QUARTER

* SAYS NET SALES AND REVENUES ARE EXPECTED TO INCREASE BY ABOUT 26 PERCENT FOR FISCAL 2018

* SAYS NET INCOME ATTRIBUTABLE TO CO FORECAST TO BE ABOUT $2.3 BILLION FOR FISCAL 2018

* WITHOUT ADJUSTMENTS DUE TO U.S. TAX REFORM LEGISLATION, NET INCOME ATTRIBUTABLE FOR QUARTER WOULD HAVE BEEN $3.14 PER SHARE

* SAYS 2018 NET INCOME FORECAST INCLUDES $803 MILLION OF PROVISIONAL INCOME TAX EXPENSE ASSOCIATED WITH TAX REFORM

* Q2 RESULTS INCLUDED FAVORABLE NET ADJUSTMENT TO PROVISIONAL INCOME TAXES OF $174 MILLION

* SAYS 2018 ADJUSTED NET INCOME ATTRIBUTABLE TO CO EXCLUDING PROVISIONAL INCOME TAX ADJUSTMENTS ASSOCIATED WITH TAX REFORM IS FORECAST TO BE ABOUT $3.1 BILLION

* DEERE’S WORLDWIDE SALES OF AGRICULTURE AND TURF EQUIPMENT ARE FORECAST TO INCREASE BY ABOUT 14 PERCENT FOR FISCAL-YEAR 2018

* WORLDWIDE SALES OF CONSTRUCTION AND FORESTRY EQUIPMENT ARE ANTICIPATED TO BE UP ABOUT 83 PERCENT FOR 2018

* DEERE SAYS FARM MACHINERY SALES IN NORTH, SOUTH AMERICA ARE MAKING “SOLID GAINS” AND CONSTRUCTION EQUIPMENT SALES ARE CONTINUING TO MOVE SHARPLY HIGHER

* DEERE SAYS EXPERIENCING HIGHER RAW-MATERIAL AND FREIGHT COSTS, BEING ADDRESSED THROUGH FOCUS ON STRUCTURAL COST REDUCTION, FUTURE PRICING ACTIONS

* 2018/2019 PROJECTION FOR U.S. FARM COMMODITY PRICES FOR CORN IS $3.90 PER BUSHEL

* 2018/2019 PROJECTION FOR U.S. FARM COMMODITY PRICES FOR SOYBEANS IS $9.55 PER BUSHEL

* SEES EQUIPMENT OPERATIONS’ PENSION/OPEB CONTRIBUTIONS FOR FISCAL 2018 ABOUT $1,100 MILLION, UP FROM ABOUT $140 MILLION PREVIOUSLY FORECAST

* SEES FY 2018 TOTAL U.S. FARM CASH RECEIPTS OF $374.9 BILLION

* FY2018 EARNINGS PER SHARE VIEW $9.50, REVENUE VIEW $33.48 BILLION -- THOMSON REUTERS I/B/E/S Source text: bit.ly/2wRSpgv Further company coverage:

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