Deere & Company Projects FY18 Net Income Of About $2.6 Bln - Quick Facts

(RTTNews) - Deere & Company (DE) announced, for fiscal 2018, net sales and revenues are projected to increase about 19 percent, with net income attributable to Deere & Company of about $2.6 billion. Company equipment sales are projected to increase by about 22 percent for fiscal 2018 and by about 38 percent for the first quarter year-over-year.

The acquisition of the Wirtgen Group, expected to close in December 2017, is forecast to contribute about $3.1 billion in net sales in fiscal 2018. Wirtgen is expected to add about 12 percent to Deere's sales for the full year and about 6 percent for the first quarter in comparison with 2017. After estimated expenses for purchase accounting and transaction costs, Wirtgen is expected to contribute about $75 million to operating profit and about $25 million to net income in fiscal 2018.

For fiscal 2017, net income attributable to Deere & Company was $2.159 billion, or $6.68 per share, compared with $1.524 billion, or $4.81 per share, in 2016. Worldwide net sales and revenues increased 12 percent, to $29.738 billion, for the full year. Net sales of the equipment operations were $25.885 billion for the year, compared to $23.387 billion in 2016.