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Deere Posts Record Earnings for Fourth Quarter and Full Year
Nov 22, 2007
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Deere & Company announced worldwide net income of US$422.1 million, or $1.88 per share, for the fourth quarter ended Oct. 31, compared with $277.3 million, or $1.20 per share, for the same period last year. Income from continuing operations was $422.1 million, or $1.88 per share, for the fourth quarter, versus $276.7 million, or $1.20 per share, last year.

For the full year, net income was $1.822 billion, or $8.01 per share, compared with $1.694 billion, or $7.18 per share, last year. Full-year income from continuing operations was $1.822 billion, or $8.01 per share, in comparison with $1.453 billion, or $6.16 per share, a year ago. Worldwide net sales and revenues increased 20% to $6.141 billion for the fourth quarter and were up 9% to $24.082 billion for the full year. 

Equipment sales in the U.S. and Canada were up 15% for the quarter and flat for the year, while net sales outside the U.S. and Canada increased by 32% for the quarter and 27% for the year. Currency translation added 9 percentage points to sales outside the U.S. and Canada for the quarter and 7 points for the year. Company equipment sales are projected to increase by about 12% for the full year and to be up approximately 25% for the first quarter of 2008. LESCO operations are expected to account for about 2 percentage points of the sales increase for the year and 3 points in the first quarter. Deere's net income is forecast to be about $2.1 billion for 2008 and about $325 million for the first quarter.

Commercial & Consumer Division sales rose 35% for the quarter and 12% for the full year compared with 2006. Commercial and consumer equipment sales are projected to be up about 10% for the year, including about 8 percentage points from a full year of LESCO sales. Division sales, in addition, are expected to benefit from new products, such as an expanded line of commercial mowing equipment. Given the nature of Deere's commercial and consumer businesses, sales tend to have a high degree of sensitivity to weather patterns and U.S. housing markets.

 

   

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