This morning Deere & Co. issued its second-quarter earnings report.
- Income climbed 16% percent on 6% gain in net sales and revenues.
- Results were aided by strong demand for large farm machinery and higher shipments in construction and forestry.
- Quarterly earnings include approximately $130 million tax charge related to U.S. health-care legislation; earnings would have been $677 million, or $1.58 per share, excluding charge.
- Earnings forecast for year increased to $1.6 billion.
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 million, or $1.58 per share.
For the first 6 months of the year, net income attributable to Deere & Co. 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%, to $7.131 billion, for the second quarter and were up 1% to $11.966 billion for 6 months. Net sales of the equipment operations were $6.548 billion for the quarter and $10.785 billion for 6 months, compared with $6.187 billion and $10.747 billion for the corresponding periods last year.