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Source: Deere & Company news release

To view the complete report, click here.

Net income attributable to Deere & Company was $850.7 million, or $2.33 per share, for the third quarter ended July 31, compared with $996.5 million, or $2.56 per share, for the same period of 2013. For the first nine months of the year, net income attributable to Deere & Company was $2.513 billion, or $6.79 per share, compared with $2.730 billion, or $6.97 per share, last year.

Worldwide net sales and revenues decreased 5 percent, to $9.500 billion, for the third quarter and were down 4 percent, to $27.102 billion, for nine months. Net sales of the equipment operations were $8.723 billion for the quarter and $24.918 billion for nine months, compared with $9.316 billion and $26.373 billion for the same periods last year.

Agriculture & Turf.
Sales fell 11 percent for the quarter and 8 percent for nine months due largely to lower shipment volumes, and the previously announced sales of John Deere Landscapes and John Deere Water. Additionally, year-to-date sales were lower due to the unfavorable effects of currency translation. These factors were partially offset by price realization in both the quarter and nine months.

Operating profit was $941 million for the quarter and $2.967 billion year to date, compared with $1.336 billion and $3.684 billion, respectively, last year. Lower results for the quarter were driven primarily by the impact of lower shipment volumes, higher production costs largely related to engine-emission requirements, and the unfavorable effects of foreign-currency exchange.

The year-to-date decrease was mainly due to lower shipment volumes, unfavorable currency exchange, higher production costs, and a less favorable product mix. Declines for both periods were partially offset by price realization.

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