Deere Reports Quarterly Loss

Feb 16, 2018

A first quarter loss was no surprise to Deere and Company. Michelle O'Neill reports, today the company reported it lost $535 million due to federal tax reforms.

Spokesman Ken Golden says it was an excellent quarter despite more than $965 million in one-time charges. The new tax law requires Deere to pay taxes on earnings in other countries. That amounts to about one-fourth of the first quarter loss.

John Deere's acquisition of The Wirtgen also added to the quarterly loss. But Golden says it also added 5% to net sales from November through January.

Sales of agriculture and turf equipment increased 18%, while sales of construction and forestry equipment jumped 57% in the first quarter  with Wirtgen adding 23% in that division.

Deere predicts equipment sales will increase 29% for the full year, with net income around $2.1 billion.

Deere Q1 2018 Earnings Press Release by Michelle O'Neill on Scribd

Deere 1qtr 2018 Earnings Call Presentation by Michelle O'Neill on Scribd