Deere & Co. Sees FY19 Net Sales And Revenues To Increase By About 7%

(RTTNews) - Deere & Co. (DE) said that it expects net sales and revenues to increase by about 7 percent for fiscal 2019, net income attributable to Deere & Company of about $3.6 billion.

The company equipment sales are projected to increase by about 7 percent for fiscal 2019 compared with 2018. Included will be a full year of Wirtgen sales in 2019 versus 10 months in 2018, adding about 2 percent to the company's sales in the year ahead. Foreign-currency rates are expected to have an unfavorable translation effect on equipment sales of about 2 percent for the year.

Deere's worldwide sales of agriculture and turf equipment are forecast to be up about 3 percent for fiscal-year 2019, including a negative currency-translation effect of 2 percent.

Deere's worldwide sales of construction and forestry equipment are anticipated to be up about 15 percent for 2019, with foreign-currency rates having an unfavorable translation effect of 2 percent.

Fiscal-year 2019 net income attributable to Deere & Company for the financial services operations is projected to be approximately $630 million. Results are expected to benefit from a higher average portfolio, partially offset by higher selling and administrative expenses, a higher provision for credit losses and less-favorable financing spreads.