Deere Posts Record Second-Quarter Earnings

May 16, 2012

Net income attributable to Deere & Company was $1.056 billion, or $2.61 per share, for the second quarter ended April 30, compared with $904.3 million, or $2.12 per share, for the same period last year. This is the company's eighth consecutive quarter of record earnings.


For the first six months of its fiscal year, net income attributable to Deere & Company was $1.589 billion, or $3.91 per share, compared with $1.418 billion, or $3.32 per share, last year.


Worldwide net sales and revenues increased 12 percent, to $10.009 billion, for the second quarter and rose 12 percent to $16.775 billion for six months. Net sales of the equipment operations were $9.405 billion for the quarter and $15.524 billion for six months, compared with $8.328 billion and $13.841 billion for the same periods last year.

Deere Construction & Forestry sales increased 26 percent for the quarter and 24 percent for six months mainly due to higher shipment volumes and price realization. Operating profit was $119 million for the quarter and $243 million for six months, compared with $105 million and $194 million last year. Results improved in both periods primarily due to price realization and higher shipment volumes, partially offset by increased raw-material costs and an unfavorable product mix. Also affecting the performance of both periods were higher research and development and selling, administrative and general expenses, as well as increased costs related to engine emissions requirements.