Deere (DE) FY2012 results: revenue $36.2 billion, up 12.9% on the year
Deere & Co. (DE) reported revenue of $36.2 billion for fiscal 2012, the year ended 31 October 2012, up 12.9% on the year before. Net income was $3.1 billion, up 9.5%, and diluted earnings per share $7.63. The figures are the company's own, from the 10-K it filed with the SEC on 17 December 2012.
Revenue
$36.2 billion
+12.9% on the year
FY2007FY2012
Operating margin
14.1%
14.3% a year earlier
FY2007FY2012
Net income
$3.1 billion
+9.5% on the year
FY2007FY2012
Diluted EPS
$7.63
+15.1% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
36,157
32,012
26,005
+12.9%
Cost of revenue
25,008
21,919
17,399
+14.1%
Gross profit
11,149
10,093
8,606
+10.5%
Gross margin
30.8%
31.5%
33.1%
Research and development
1,434
1,226
1,052
+16.9%
Selling, general and administrative
3,417
3,169
2,969
+7.8%
Operating income
5,109
4,564
3,408
+11.9%
Operating margin
14.1%
14.3%
13.1%
Interest expense
783
759
811
+3.1%
Pre-tax income
4,734
4,223
3,025
+12.1%
Income tax
1,659
1,424
1,162
+16.6%
Effective tax rate
35.0%
33.7%
38.4%
Net income
3,065
2,800
1,865
+9.5%
Net margin
8.5%
8.7%
7.2%
Diluted EPS
$7.63
$6.63
$4.35
+15.1%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
1,168
2,326
2,282
-49.8%
Capital expenditure
1,319
1,057
762
+24.9%
Free cash flow
-152
1,270
1,520
Free cash flow margin
-0.4%
4.0%
5.8%
Cash from investing
n/a
-2,621
-2,109
Cash from financing
n/a
140
-1,010
Depreciation and amortisation
1,004
915
915
+9.8%
Share-based compensation
74.5
69.0
71.2
+8.0%
Buybacks
1,588
1,667
359
-4.8%
Dividends paid
698
593
484
+17.7%
Dividend per share
$1.79
$1.52
$1.16
+17.8%
Diluted shares, weighted
402m
422m
429m
-4.9%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
6,842
6,800
6,290
+0.6%
Non-controlling interest
19.9
14.6
13.1
+36.3%
Debt
32,420
26,590
24,349
+21.9%
Other liabilities
16,983
14,803
12,614
+14.7%
Total liabilities and equity
56,266
48,207
43,267
+16.7%
Fixed assets
5,012
4,352
n/a
+15.2%
Goodwill
921
1,000
999
-7.9%
Intangible assets
105
127
117
-17.6%
Securities held for sale or to maturity
1,470
787
228
+86.8%
Loans
22,159
19,924
17,682
+11.2%
Cash and equivalents
4,652
3,647
3,791
+27.6%
Inventory
5,170
4,371
3,063
+18.3%
Other assets
16,776
14,000
17,388
+19.8%
Total assets
56,266
48,207
43,267
+16.7%
10-K for the year ended 31 October 2012, filed 17 December 2012: the filing.