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Deere Reports 2Q Earnings of $547 Million
May 20, 2010
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Deere & Company reported second quarter net income of $547.5 million, or $1.28 per share, compared to $472.3 million, or $1.11 per share, for the same period last year.

For the first six months of the year, net income was $790.7 million, or $1.85 per share, compared with $676.2 million, or $1.60 per share, last year.

Worldwide net sales and revenues increased 6%, to $7.131 billion, for the second quarter and were up 1% to $11.966 billion for six months.

Net sales of the worldwide equipment operations increased 6% for the quarter and were essentially unchanged for six months compared with a year ago.

Equipment net sales in the United States and Canada increased 4% for the quarter and declined 1% year to date.

Outside the U.S. and Canada, net sales were up 9% for the quarter and 2 % for six months, with favorable currency-translation effects of 9% and 10% for these periods.

Deere's equipment operations reported operating profit of $988 million for the quarter and $1.303 billion for six months, compared with $628 million and $935 million last year.

Worldwide sales of the company's agriculture and turf division are forecast to increase by 9% - 11% for full-year 2010, with a favorable currency-translation impact of about 3%.

Industry sales of turf equipment and compact utility tractors in the United States and Canada are expected to be up 5% - 10% for the year.

Deere's worldwide sales of construction and forestry equipment are forecast to increase by about 30% for full-year 2010. Full-year 2010 net income for Deere's credit operations is forecast to be approximately $300 million.

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