Deere Updates FY18 Outlook

(RTTNews) - Deere & Co. (DE) said that it now expects net income attributable to the company for fiscal year 2018 to be about $2.360 billion, net sales and revenues to increase by about 26 percent for fiscal 2018. The company said in May that it expected net income attributable to the company to be about $2.3 billion, net sales and revenues to increase by about 26 percent for fiscal 2018.

The company's net income forecast includes $741 million of provisional income tax expense associated with tax reform, representing discrete items for the remeasurement of the company's net deferred tax assets to the new U.S. corporate tax rate and a one-time deemed earnings repatriation tax.

Company equipment sales are projected to increase by about 30 percent for fiscal 2018 and by about 21 percent for the fourth quarter compared with the same periods of 2017.

Adjusted net income attributable to Deere & Company is still forecast to be about $3.1 billion.