This excerpt taken from the DE 8-K filed May 14, 2008.
Deere Second-Quarter Earnings Reach Record $763 Million
· Earnings per share climb 28%; net sales and revenues up 18% to quarterly record.
· Strong cash flows expected to continue.
· Sales outside U.S. and Canada up 46%, reflecting vigorous global farm sector.
· Non-agricultural businesses solidly profitable in spite of U.S. economic slowdown.
MOLINE, Illinois (May 14, 2008) Deere & Company today announced worldwide net income of $763.5 million, or $1.74 per share, for the second quarter ended April 30, compared with $623.6 million, or $1.36 per share, for the same period last year. For the first six months, net income was $1.133 billion, or $2.56 per share, compared with $862.3 million, or $1.88 per share, last year.
Worldwide net sales and revenues increased 18 percent to $8.097 billion for the second quarter and were also up 18 percent to $13.298 billion for the first six months. Net sales of the equipment operations were $7.469 billion for the quarter and $11.999 billion for six months, compared with $6.266 billion and $10.081 billion for the respective periods last year.
Favorable conditions across the global farm sector are helping to drive the companys record financial results even at a time of a slowing U.S. economy. Advanced offerings that help efficiently meet the worlds growing need for farm products are lending strong support to our performance and are bringing John Deere quality and value to a growing global audience, said Robert W. Lane, chairman and chief executive officer. All our businesses are benefiting from the consistent execution of our plans to create a fundamentally more resilient enterprise. As a result, the companys non-agricultural operations have remained solidly profitable in spite of the economic downturn in the United States, while our performance overall continues on a record pace.