Deere Posts Higher Q1 Profit - Quick Facts

(RTTNews) - Agricultural machinery maker Deere & Co.'s (DE) first-quarter net income attributable to the company advanced to $681.1 million, or $1.81 per share, from $649.7 million, or $1.65 per share, reported a year before. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $1.53 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly worldwide net sales and revenues were $7.65 billion, a 3% increase, compared with $7.42 billion last year. Net sales of the equipment operations totaled $6.95 billion, versus $6.79 billion in the prior-year quarter, whereas ten analysts estimated revenues of $6.62 billion for the quarter.

Net sales of the worldwide equipment operations went up by 2 percent in the period. Sales included price increases of 2 percent and an unfavorable currency-translation effect of 2 percent, the company said.

For fiscal 2014, the company equipment sales are projected to decline nearly 3 percent and drop about 6 percent for the second quarter, compared with the same periods of 2013. Full-year net income attributable to Deere & Co. is expected to be around $3.3 billion.