Edition:
United States

Deere & Co Q3 Net Income $910.3 Million Or $2.78 Per Share


Friday, 17 Aug 2018 06:37am EDT 

Aug 17 (Reuters) - Deere & Co ::REPORTED NET INCOME OF $910.3 MILLION FOR THE THIRD QUARTER ENDED JULY 29, 2018, OR $2.78 PER SHARE.WORLDWIDE NET SALES AND REVENUES INCREASED 32 PERCENT, TO $10.308 BILLION, FOR THE THIRD QUARTER.WITHOUT SOME ADJUSTMENTS, NET INCOME ATTRIBUTABLE TO CO FOR THE THIRD QUARTER WOULD HAVE BEEN $2.59 PER SHARE.SAYS "WE HAVE CONTINUED TO FACE COST PRESSURES FOR RAW MATERIALS AND FREIGHT".NET SALES AND REVENUES EXPECTED TO INCREASE BY ABOUT 26 PERCENT FOR FISCAL 2018 WITH NET INCOME ATTRIBUTABLE TO CO FORECAST TO BE ABOUT $2.360 BILLION.AGRICULTURE & TURF SALES ROSE 18 PERCENT FOR THE QUARTER.NET INCOME FORECAST FOR FISCAL 2018 INCLUDES $741 MILLION PROVISIONAL INCOME TAX EXPENSE ASSOCIATED WITH TAX REFORM.CONSTRUCTION AND FORESTRY SALES INCREASED 100 PERCENT FOR THE QUARTER.Q3 EARNINGS PER SHARE VIEW $2.75, REVENUE VIEW $9.21 BILLION -- THOMSON REUTERS I/B/E/S.WORLDWIDE SALES OF AGRICULTURE AND TURF EQUIPMENT ARE FORECAST TO INCREASE BY ABOUT 15 PERCENT FOR FISCAL-YEAR 2018 - SEC FILING.ADJUSTED NET INCOME ATTRIBUTABLE TO CO IS FORECAST TO BE ABOUT $3.1 BILLION FOR FISCAL 2018.DEERE - "REPLACEMENT DEMAND FOR LARGE AGRICULTURAL EQUIPMENT IS DRIVING SALES EVEN IN THE FACE OF TENSIONS OVER GLOBAL TRADE & OTHER GEOPOLITICAL ISSUES".NET INCOME ATTRIBUTABLE TO JDCC WAS $120.2 MILLION FOR Q3 VERSUS $88.3 MILLION LAST YEAR.NET RECEIVABLES AND LEASES FINANCED BY JDCC WERE $35.633 BILLION AT JULY 29, 2018, VERSUS $32.929 BILLION AT JULY 30, 2017.