Deere & Co. (DE) Tops Q1 EPS by 29c; Sees Equipment Sales Down 17% in FY15

Deere & Co. (NYSE: DE) reported Q1 EPS of $1.12, $0.29 better than the analyst estimate of $0.83. Revenue for the quarter came in at $5.61 billion versus the consensus estimate of $5.54 billion.

Net sales of the worldwide equipment operations declined 19 percent for the quarter.

"Deere's first-quarter performance reflected sluggish conditions in the global farm sector, which reduced demand for agricultural machinery, particularly larger models, and led to lower sales and income," said Samuel R. Allen, chairman and chief executive officer. "At the same time, our construction and forestry and financial services divisions had higher profits, showing the benefit of a well-rounded business lineup. Deere's results also demonstrated the progress we've made creating a more flexible, responsive cost structure."

Company Outlook & Summary

Company equipment sales are projected to decrease about 17 percent for fiscal 2015 and be down about 19 percent for the second quarter compared with year-ago periods. Included in the forecast is a negative currency-translation effect of about 3 percent for the full year and 4 percent for the second quarter. For fiscal 2015, net income attributable to Deere & Company is anticipated to be about $1.8 billion.

(*** Notably, with Deere's Q414 announcement, the company said it expected equipment sales to decrease about 15 percent for fiscal 2015 and to be down about 21 percent for the first quarter compared with year-ago periods. 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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