Deere Sales Jump Despite Supply-Chain Challenges
2018年2月16日 - 10:17PM
Dow Jones News
By Austen Hufford
Deere & Co. said sales rose in its first quarter but results
were hit by both supply-chain issues and a charge related to recent
U.S. tax changes.
The company swung to a loss on a $965.1 million charge, as it
wrote down the value of deferred tax assets on a reduction in the
corporate tax rate.
Chief Executive Samuel Allen said in prepared remarks the
company encountered "bottlenecks in the supply chain and logistical
delays in shipping products to our dealers." However, he noted that
strengthening conditions in global agricultural and construction
equipment markets should benefit the company in the current
year.
Net sales were $5.97 billion, up 27% from the year-earlier
period. A portion of that boost -- 5% -- came from Deere's purchase
of a German maker of tractors and combines, which closed in
December.
Agriculture and turf sales rose 18% to $4.24 billion on higher
shipment volumes and a positive contribution from currency-exchange
rates. Construction and forestry sales rose 57% to $1.73 billion,
boosted by the Wirtgen Group acquisition and shipment volumes.
Shares rose 0.7% to $168 in premarket trading
Deere's results come as other heavy equipment makers have shown
strong results of late. Caterpillar said it broke a yearslong sales
slump in 2017 and signaled optimism about construction and mining
markets in 2018.
Deere on Friday raised some of its fiscal 2018 financial
targets, guiding 29% growth in equipment sales, compared with its
earlier forecast of 22% growth. It also expects net sales and
revenue to increase 25% from the prior year, up from its earlier
forecast of 22%.
The Illinois-based company reported a loss of $535.1 million, or
$1.66 per share, compared with a profit of $199 million, or 62
cents a share, a year prior. On an adjusted basis, excluding the
tax impact and other charges, Deere posted a profit of $1.31 a
share. Analysts polled by Thomson Reuters were expecting adjusted
earnings per share of $1.20.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
February 16, 2018 08:02 ET (13:02 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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