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Deere & Co. (DE) Posts Q2 EPS of $2.03; Lowers Equipment Sales Outlook for FY15

May 22, 2015 7:01 AM EDT

(Updated - May 22, 2015 8:24 AM EDT)

Deere & Co. (NYSE: DE) reported Q2 EPS of $2.03, $0.47 better than the analyst estimate of $1.56. Revenue for the quarter came in at $8.17 billion versus the consensus estimate of $7.53 billion.

Net sales of the worldwide equipment operations declined 20 percent for the quarter and six months compared with the same periods a year ago. (Deere previously forecast a decline of 22 percent for Q1.) Sales included price realization of 2 percent for both periods and an unfavorable currency-translation effect of 5 percent for the quarter and 4 percent for six months. Equipment net sales in the United States and Canada decreased 14 percent for the quarter and year to date. Outside the U.S. and Canada, net sales decreased 28 percent for the quarter and six months, with unfavorable currency-translation effects of 10 percent and 8 percent for the periods.

Outlook:

Company equipment sales are projected to decrease about 19 percent for fiscal 2015 and to be about 17 percent lower for the third quarter compared with year-ago periods. Included in the forecast is a negative foreign-currency translation effect of about 4 percent for the full year and 6 percent for the third quarter. For fiscal 2015, net income attributable to Deere & Company is anticipated to be about $1.9 billion.

NOTE: In Q414, Deere commented: Company equipment sales are projected to decrease about 15 percent for fiscal 2015 ... For fiscal 2015, net income attributable to Deere & Company is anticipated to be about $1.9 billion.

For earnings history and earnings-related data on Deere & Co. (DE) click here.



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