Deere (DE) FY2011 results: revenue $32.0 billion, up 23.1% on the year
Deere & Co. (DE) reported revenue of $32.0 billion for fiscal 2011, the year ended 31 October 2011, up 23.1% on the year before. Net income was $2.8 billion, up 50.1%, and diluted earnings per share $6.63. The figures are the company's own, from the 10-K it filed with the SEC on 19 December 2011.
Revenue
$32.0 billion
+23.1% on the year
FY2007FY2011
Operating margin
14.3%
13.1% a year earlier
FY2007FY2011
Net income
$2.8 billion
+50.1% on the year
FY2007FY2011
Diluted EPS
$6.63
+52.4% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
32,012
26,005
23,112
+23.1%
Cost of revenue
21,919
17,399
16,255
+26.0%
Gross profit
10,093
8,606
6,857
+17.3%
Gross margin
31.5%
33.1%
29.7%
Research and development
1,226
1,052
977
+16.5%
Selling, general and administrative
3,169
2,969
2,781
+6.7%
Operating income
4,564
3,408
1,607
+33.9%
Operating margin
14.3%
13.1%
7.0%
Interest expense
759
811
1,042
-6.4%
Pre-tax income
4,223
3,025
1,340
+39.6%
Income tax
1,424
1,162
460
+22.6%
Effective tax rate
33.7%
38.4%
34.3%
Net income
2,800
1,865
874
+50.1%
Net margin
8.7%
7.2%
3.8%
Diluted EPS
$6.63
$4.35
$2.06
+52.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
2,326
2,282
1,985
+1.9%
Capital expenditure
1,057
762
907
+38.7%
Free cash flow
1,270
1,520
1,078
-16.5%
Free cash flow margin
4.0%
5.8%
4.7%
Cash from investing
-2,621
-2,109
-57.0
Cash from financing
140
-1,010
470
Depreciation and amortisation
915
915
873
+0.0%
Share-based compensation
69.0
71.2
70.5
-3.1%
Buybacks
1,667
359
3.2
+364.6%
Dividends paid
593
484
473
+22.7%
Dividend per share
$1.52
$1.16
$1.12
+31.0%
Diluted shares, weighted
422m
429m
424m
-1.4%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
6,800
6,290
4,819
+8.1%
Non-controlling interest
14.6
13.1
4.1
+11.5%
Debt
26,590
24,349
17,392
+9.2%
Other liabilities
14,803
12,614
18,918
+17.3%
Total liabilities and equity
48,207
43,267
41,133
+11.4%
Fixed assets
4,352
n/a
4,532
Goodwill
1,000
999
1,036
+0.1%
Intangible assets
127
117
136
+8.9%
Securities held for sale or to maturity
787
228
192
+245.5%
Loans
19,924
17,682
15,255
+12.7%
Cash and equivalents
3,647
3,791
4,652
-3.8%
Inventory
4,371
3,063
2,397
+42.7%
Other assets
14,000
17,388
12,932
-19.5%
Total assets
48,207
43,267
41,133
+11.4%
10-K for the year ended 31 October 2011, filed 19 December 2011: the filing.