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Deere announces record Q1 earnings of $650 million

Staff writer |
Net income attributable to Deere & Company was $649.7 million for the first quarter ended January 31, compared with $532.9 million for the same period last year.

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In share price, net income was $1.65 per share, for the first quarter, compared with $1.30 per share for the same period last year. Worldwide net sales and revenues for the first quarter increased 10 percent, to $7.421 billion ($6.767 billion last year). Net sales of the equipment operations were $6.793 billion for the quarter compared with $6.119 billion a year ago.

"With our eleventh consecutive quarter of record earnings, John Deere has started 2013 on a positive note and is setting the stage for another successful year. As a result, Deere remains well-positioned to earn solid profits in today's fragile global economy and, longer term, to benefit from major trends that we continue to believe hold great promise for the company and its customers and investors," said Samuel R. Allen, chairman and chief executive officer.

Net sales of the worldwide equipment operations rose 11 percent for the quarter. Sales included price increases of 3 percent and an unfavorable currency-translation effect of 1 percent. Equipment net sales in the United States and Canada increased 18 percent for the quarter. Outside the U.S. and Canada, net sales increased 2 percent for the quarter, including an unfavorable currency-translation effect of 3 percent.

Deere's equipment operations reported operating profit of $837 million for the quarter, compared with $698 million last year. Net income of the company's equipment operations was $525 million for the quarter, compared with $416 million last year.

Financial services reported net income attributable to Deere & Company of $132.9 million for the quarter compared with $119.1 million last year. Company equipment sales are projected to be up about 6 percent for fiscal 2013 and up about 4 percent for the second quarter compared with the same periods a year ago. For the full year, net income attributable to Deere & Company is anticipated to be approximately $3.3 billion.


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