Deere (DE) FY2013 results: revenue $37.8 billion, up 4.5% on the year
Deere & Co. (DE) reported revenue of $37.8 billion for fiscal 2013, the year ended 31 October 2013, up 4.5% on the year before. Net income was $3.5 billion, up 15.4%, and diluted earnings per share $9.09. The figures are the company's own, from the 10-K it filed with the SEC on 16 December 2013.
Revenue
$37.8 billion
+4.5% on the year
FY2007FY2013
Operating margin
15.7%
14.1% a year earlier
FY2007FY2013
Net income
$3.5 billion
+15.4% on the year
FY2007FY2013
Diluted EPS
$9.09
+19.1% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
37,795
36,157
32,012
+4.5%
Cost of revenue
25,667
25,008
21,919
+2.6%
Gross profit
12,128
11,149
10,093
+8.8%
Gross margin
32.1%
30.8%
31.5%
Research and development
1,477
1,434
1,226
+3.0%
Selling, general and administrative
3,606
3,417
3,169
+5.5%
Operating income
5,928
5,109
4,564
+16.0%
Operating margin
15.7%
14.1%
14.3%
Interest expense
741
783
759
-5.3%
Pre-tax income
5,483
4,734
4,223
+15.8%
Income tax
1,946
1,659
1,424
+17.3%
Effective tax rate
35.5%
35.0%
33.7%
Net income
3,537
3,065
2,800
+15.4%
Net margin
9.4%
8.5%
8.7%
Diluted EPS
$9.09
$7.63
$6.63
+19.1%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
3,254
1,168
2,326
+178.7%
Capital expenditure
1,158
1,319
1,057
-12.2%
Free cash flow
2,096
-152
1,270
Free cash flow margin
5.5%
-0.4%
4.0%
Cash from investing
n/a
n/a
-2,621
Cash from financing
n/a
n/a
140
Depreciation and amortisation
1,140
1,004
915
+13.6%
Share-based compensation
80.7
74.5
69.0
+8.3%
Buybacks
1,531
1,588
1,667
-3.5%
Dividends paid
753
698
593
+7.9%
Dividend per share
$1.99
$1.79
$1.52
+11.2%
Diluted shares, weighted
389m
402m
422m
-3.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
10,266
6,842
6,800
+50.0%
Non-controlling interest
1.9
19.9
14.6
-90.5%
Debt
34,476
32,420
26,590
+6.3%
Other liabilities
14,778
16,983
14,803
-13.0%
Total liabilities and equity
59,521
56,266
48,207
+5.8%
Fixed assets
5,467
5,012
4,352
+9.1%
Goodwill
845
921
1,000
-8.3%
Intangible assets
77.1
105
127
-26.6%
Securities held for sale or to maturity
1,605
1,470
787
+9.2%
Loans
25,633
22,159
19,924
+15.7%
Cash and equivalents
3,504
4,652
3,647
-24.7%
Inventory
4,935
5,170
4,371
-4.6%
Other assets
17,456
16,776
14,000
+4.1%
Total assets
59,521
56,266
48,207
+5.8%
10-K for the year ended 31 October 2013, filed 16 December 2013: the filing.