Deere announces second-quarter earnings

Net income attributable to Deere & Company was $980.7 million, or $2.65 per share, for the second quarter ended April 30, 2014, compared with $1.084 billion, or $2.76 per share, for the same period last year.

For the first six months of 2014, net income attributable to Deere & Company was $1.662 billion, or $4.46 per share, compared with $1.734 billion, or $4.41 per share, last year.

Worldwide net sales and revenues decreased 9 percent, to $9.948 billion, for the second quarter and were down 4 percent, to $17.602 billion, for six months. Net sales of the equipment operations were $9.246 billion for the quarter and $16.195 billion for six months, compared with $10.265 billion and $17.058 billion for the same periods last year.

“John Deere is on its way to another year of solid financial and operating performance,” said Samuel R. Allen, chairman and chief executive officer, Deere & Company. “Our second-quarter earnings showed further proof of the adept execution of our operating plans. We kept costs and assets well under control while successfully managing major new-product transitions associated with more stringent emissions standards. In addition, our construction and forestry and financial services operations delivered improved results, reflecting the power of our broad-based business lineup.”

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