Deere Reports Record 2Q Earnings of $1.084 Billion
May 30, 2013
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Deere & Company reported second quarter 2013 net income of $1.084 billion, up from $1.056 billion in the second quarter of 2012. In the first six months of the year net income attributable to Deere & Company was $1.734 billion, up from $1.589 billion in the first half of the previous year.
Deere reported worldwide 2Q net sales and revenues were up 9%, to $10.914 billion, and were also up 9%, to $18.335 billion, for the first half of the year.
Deere's Equipment Division includes two product segments: Agriculture & Turf and Construction & Forestry. Equipment Division net sales were $10.265 billion in 2Q 2013 and $17.058 billion for the first six months of the year, compared to $9.405 billion in 2Q 2012 and $15.524 billion in the first half of 2012.
The Agriculture & Turf segment, which includes residential and professional landscaper outdoor power equipment, saw sales increase 12% in 2Q 2013 and saw sales up 14% in the first half of 2013. The segment saw higher shipment volumes and price realization. Agriculture & Turf segment operating profit was $1.582 billion in 2Q 2013, compared to $1.403 billion in 2Q 2012. Operating profit was $2.347 billion in the first half of 2013, from $1.977 billion in the first half of 2012.
Deere forecast worldwide sales of agriculture and turf equipment to be up about 7% in full-year 2013, (including 1% negative currency-translation impact).
"Deere's near-term forecast is being tempered by lingering economic concerns in many parts of the world, which are restraining business confidence and growth," said Samuel R. Allen, chairman and CEO. "In addition, cool, wet weather in North America has delayed crop planting, slowed construction activity and hurt sales of turf-care equipment."
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