Deere & Company Reports Record Earnings for Q1 (DE)
Deere & Company (NYSE: DE) today reported record earnings for the first quarter of fiscal 2013. Shares of the Moline, Illinois-based company, however, fell marginally in pre-market trading today.
Key Points
- Deere & Company reports 27% increase in first-quarter earnings per share
- The company’s net sales and revenue for the quarter climb 10%
- Deere & Company also raised its profit outlook for the full year
Samuel R. Allen, Chairman and CEO of Deere & Company, said that with eleventh consecutive quarter of record earnings, DE has started 2013 on a positive note and is setting the stage for another successful year. Allen said that the results are further proof of the adept execution of operating and marketing plans aimed at expanding the company’s global market presence while maintaining a tight grip on costs and assets.
For the first quarter ended January 31, Deere reported net income of $649.7 million, or $1.65 per share, compared to $532.9 million, or $1.30 per share reported for the same period in the previous year. The company’s worldwide net sales and revenue for the quarter rose 10% to $7.421 billion. Net sales of the equipment operations stood at $6.793 billion.
Looking ahead, Deere expects equipment sales to be up around 6% for fiscal 2013 and 4% for the second quarter. Net income for fiscal 2013 is expected to be approximately $3.3 billion.
Allen said that the company remains confident in its investment in new products and additional capacity will help it to fully capitalize on the world’s growing need for food, shelter and infrastructure in the years ahead.
DE shares were down 0.34% to $93.65, at last check in pre-market trading.
About Deere & Company
Deere & Company is a manufacturer of construction and farming equipment.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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