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SECURITY: DE (Common)
EXCHANGE: New York Stock Exchange CURRENCY: US Dollar
Deere & Company, founded
in 1837, grew from a one-man blacksmith shop into a worldwide corporation
that today does business in more than 160 countries and employs approximately
40,000 people worldwide. It is one of the oldest industrial companies in
the United States.
four manufacturing divisions:
- Agricultural Equipment
- creating fine products for the farmsite;
- Commercial and Consumer
Equipment - creating lawn and grounds care equipment for the homeowner,
golf and turf professionals, and grounds care specialists;
- Construction and Forestry
Equipment -building products that help build your world; and
- John Deere Power Systems
- creating the engines and components that power our equipment and other
products
around the globe.
DEERE
REPORTS SECOND-QUARTER EARNINGS OF $745 MILLION
Global
farm prospects encouraging, supported by solid fundamentals and attractive
prospects for renewable fuels.
Construction
equipment sector remains in strong growth mode.
Rigorous
asset-management efforts show further progress.
Earnings
include gain from sale of health-care operations.
MOLINE,
Illinois (May 16, 2006) — Deere & Company today announced worldwide
net income of $744.6 million, or $3.13 per share, for the second quarter
ended April 30, compared with $604.0 million, or $2.43 per share, for the
same period last year. Income from continuing operations, which excludes
the company's discontinued health-care business, was $517.0 million, or
$2.17 per share, for the second quarter, versus $599.3 million, or $2.41
per share, last year.
For
the first six months, net income was $980.5 million, or $4.11 per share,
compared with $826.8 million, or $3.31 per share, last year. Six-month
net income from continuing operations was $740.9 million, or $3.11 per
share, compared with $814.3 million, or $3.26 per share, last year. Income
from continuing operations for both the quarter and six months included
an after-tax charge of $44.2 million related to the completion of a cash
tender offer to repurchase outstanding debt securities.
Worldwide
net sales and revenues increased 2 percent to $6.562 billion for the second
quarter, compared with a year ago, and increased 4 percent to $10.764 billion
for the first six months. Net sales of the equipment operations were $6.029
billion for the quarter and $9.720 billion for six months, compared with
$6.019 billion and $9.546 billion for the respective periods last year.
Strong
operating performance and positive customer response are continuing to
drive Deere's results, noted Robert W. Lane, chairman and chief executive
officer. "Exciting new equipment and services, which employ advanced technology
and productivity enhancements, are attracting customers and promoting an
expanded market presence for John Deere throughout the world," Lane said.
"Our performance is being further aided by a focus on rigorous asset management,
which allows us to meet customer needs while keeping inventory levels lean
and efficient. As a result of this focus, trade receivables and inventories
in relation to sales have declined for 24 consecutive quarters compared
with the same quarter in the prior year."
GENERAL
RICHARD B. MYERS, RETIRED CHAIRMAN OF THE JOINT CHIEFS OF STAFF, TO JOIN
DEERE & COMPANY BOARD OF DIRECTORS
MOLINE,
IL (April 13, 2006) — Deere & Company announced today its board of
directors has elected retired U.S. Air Force General Richard B. Myers to
the board, effective April 15, 2006. Myers retired after serving as Chairman
of the Joint Chiefs of Staff – the U.S. military's highest ranking officer
– from 2001 to 2005.
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