Deere & Company Q2 Profit Decreases; Sales Down 20% - Quick Facts

(RTTNews) - Deere & Company (DE) reported second-quarter net income attributable to company of $690.5 million, or $2.03 per share, compared to $980.7 million, or $2.65 per share, for the same period last year.

On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $1.55 for the quarter. Analysts' estimates typically exclude special items.

Total net sales of the equipment operations were down to $7.40 billion from $9.25 billion, a year ago. Equipment net sales in the United States and Canada decreased 14 percent for the quarter. Analysts expected revenue of $7.53 billion for the quarter. Worldwide net sales and revenues were $8.17 billion compared to $9.95 billion.

"John Deere's second-quarter results were noteworthy in light of the weak conditions that continue to affect the global agricultural sector. Our performance reflected the adept execution of our operating plans and contributions of a well-rounded business lineup. Deere's construction and forestry and financial-services divisions had higher results for the quarter, and our agriculture and turf operations remained solidly profitable despite lower demand for large models of farm machinery," said Samuel Allen, chairman and CEO.

For fiscal 2015, Deere & Company expects net income attributable to company to be about $1.9 billion. Company equipment sales are projected to decrease about 19 percent for fiscal 2015 and to be about 17 percent lower for the third quarter compared with year-ago periods.