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Deere Reports Second-Quarter Earnings
20.05.2010 10:19 "Agro Perspectiva" (Kyiv) —
Net income attributable to Deere & Company was $547.5 million, or $1.28 per share, for the second quarter ended April 30, compared with $472.3 million, or $1.11 per share, for the same period last year.
Affecting second quarter results was a tax charge of $129.5 million, or $0.30 per share, due to the previously announced impact of the enactment of U.S. health-care legislation. Without this item, earnings for the quarter would have been $677.0 million, or $1.58 per share. (Information on non-GAAP financial measures is included in the appendix.)
For the first six months of the year, net income attributable to Deere & Company was $790.7 million, or $1.85 per share, compared with $676.2 million, or $1.60 per share, last year. Six-month results also were affected by the tax charge.
Worldwide net sales and revenues increased 6 percent, to $7.131 billion, for the second quarter and were up 1 percent to $11.966 billion for six months. Net sales of the equipment operations were $6.548 billion for the quarter and $10.785 billion for six months, compared with $6.187 billion and $10.747 billion for the corresponding periods last year.
«We’re proud of John Deere’s strong results, reflecting a disciplined approach to cost and asset management and the solid execution by employees of our business model,» said Samuel R. Allen, chairman and chief executive officer. «These actions are helping us extend our competitive advantage and fully capitalize on improving business conditions.» Sales of large farm machinery, particularly in the United States and Canada, are making a significant impact on the company’s performance, Allen noted, while construction and forestry shipments are rebounding from historic lows.
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