Deere & Co. (DE) Tops Q1 EPS by 11c
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EPS Growth %: -18.7%
Financial Fact:
Total: 6.72B
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Deere & Co. (NYSE: DE) reported Q1 EPS of $1.31, $0.11 better than the analyst estimate of $1.20. Revenue for the quarter came in at $6.91 billion versus the consensus estimate of $6.42 billion.
Company Outlook & Summary
Company equipment sales are projected to increase by about 29 percent for fiscal 2018 and by 30 to 40 percent for the second quarter compared with the same periods of 2017. Of these amounts, Wirtgen is expected to add about 12 percent to Deereās net sales for the full year and about 16 percent for the second quarter. Also included in the forecast is a positive foreign-currency translation effect of about 3 percent for the year and about 4 percent for the second quarter. Net sales and revenues are projected to increase by about 25 percent for fiscal 2018. Net income attributable to Deere & Company is forecast to be about $2.1 billion. The net income outlook includes an unfavorable impact of tax reform estimated at $750 million, representing the net impact of the tax provision recorded at the enactment date of tax reform, partially offset by a lower effective tax rate over the remainder of the year. As a result, adjusted net income without the impact of the tax-reform adjustments is expected to be about $2.85 billion for the year. (Information on non-GAAP financial measures is included in the appendix.)
For earnings history and earnings-related data on Deere & Co. (DE) click here.
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