Deere & Company Posts Lower Q2 Earnings; Beats Estimates (DE)

Before the opening bell on Wednesday morning, Deere & Co. (DE) reported its second quarter earnings, posting lower revenues and lower earnings than last year’s Q2.

DE’s Earnings in Brief

Deere reported second quarter revenues of $9.95 billion, down 9% from $10.91 billion reported for last year’s same quarter. Net income attributable to the company for the quarter came in at $980.7 million, or $2.65 per share, down from $1.084 billion, or $2.76 per share. The company's Q2 results came in above analysts’ estimates of $2.48 EPS on revenues of $9.65 billion. Looking ahead, revenues for for FY2014 are expected to decrease by 4%. Net income for the year is expected to be around $3.3 billion.

CEO Commentary

Deere chairman and CEO Samuel R. Allen had the following comments: “John Deere is on its way to another year of solid financial and operating performance. Our second-quarter earnings showed further proof of the adept execution of our operating plans. We kept costs and assets well under control while successfully managing major new-product transitions associated with more stringent emissions standards. In addition, our construction and forestry and financial services operations delivered improved results, reflecting the power of our broad-based business lineup.”

DE’s Dividend

Deere & Co. did not make any mention of raising its quarterly payout in its Q2 earnings release. The company has not raised its dividend for its past five quarterly payouts. Deere paid its most recent dividend of 51 cents on May 1.

Stock Performance

Deere stock was down slightly in pre-market trading. YTD, the company’s stock is up 3.71%.

DE Dividend Snapshot

As of Market Close on May 13, 2014

Click here to see the complete history of DE dividends.