Exhibit 99.1

(Filed herewith)

 

 

 

 

 

 

NEWS RELEASE

 

Ken Golden

Director, Global Public Relations

Deere & Company

309-765-5678

 

 

Deere Announces Fourth-Quarter Net Income of $785 Million and $2.368 Billion for Year

 

§                  Fourth-quarter earnings increase 54%; net sales rise 18% to $8.3 billion.

 

§                  Advanced technology and product features earn positive response from customers.

 

§                  Construction & Forestry results boosted by successful integration of Wirtgen unit.

 

§                  Forecast for 2019 calls for net income of approximately $3.6 billion on sales gain of about 7%.

 

 

MOLINE, Illinois (November 21, 2018) — Deere & Company reported net income of $784.8 million for the fourth quarter ended

October 28, 2018, or $2.42 per share, compared with net income of $510.3 million, or $1.57 per share, for the quarter ended October 29, 2017. For fiscal 2018, net income attributable to Deere & Company was $2.368 billion, or $7.24 per share, compared with $2.159 billion, or $6.68 per share, in 2017.

 

Affecting results for the fourth quarter and full year of 2018 were adjustments to the provision for income taxes due to the enactment of U.S. tax reform legislation on December 22, 2017 (tax reform). Fourth-quarter results included a favorable net adjustment to income taxes of $37 million, while the full year reflected an unfavorable net income tax expense of $704 million. Without these adjustments, net income attributable to Deere & Company for the fourth quarter and full year would have been $748 million, or $2.30 per share, and $3.073 billion, or $9.39 per share, respectively. (For further information, refer to the appendix on the non-GAAP financial measures and Note 2 in the “Condensed Notes to Consolidated Financial Statements” accompanying this release.)

 

Worldwide net sales and revenues increased 17 percent, to $9.416 billion, for the fourth quarter and rose 26 percent, to $37.358 billion, for the full year. Net sales of the equipment operations were $8.343 billion for the quarter and $33.351 billion for the year, compared with respective totals of $7.094 billion and $25.885 billion in 2017.

 

“John Deere has concluded another solid year in which the company benefited from a further improvement in market conditions and a favorable customer response to its lineup of advanced products,” said Samuel R. Allen, chairman and chief executive officer. “In the fourth quarter, farm machinery sales in the Americas made further gains while construction-equipment sales continued to move higher, helped in

 

 

Deere Announces Fourth-Quarter Earnings

5

 

 


The following information was filed by Deere Co (DE) on Wednesday, November 21, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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