Deere (DE) FY2014 results: revenue $36.1 billion, down 4.6% on the year
Deere & Co. (DE) reported revenue of $36.1 billion for fiscal 2014, the year ended 31 October 2014, down 4.6% on the year before. Net income was $3.2 billion, down 10.6%, and diluted earnings per share $8.63. The figures are the company's own, from the 10-K it filed with the SEC on 19 December 2014.
Revenue
$36.1 billion
-4.6% on the year
FY2007FY2014
Operating margin
14.5%
15.7% a year earlier
FY2007FY2014
Net income
$3.2 billion
-10.6% on the year
FY2007FY2014
Diluted EPS
$8.63
-5.1% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
36,067
37,795
36,157
-4.6%
Cost of revenue
24,776
25,667
25,008
-3.5%
Gross profit
11,291
12,128
11,149
-6.9%
Gross margin
31.3%
32.1%
30.8%
Research and development
1,452
1,477
1,434
-1.7%
Selling, general and administrative
3,284
3,606
3,417
-8.9%
Operating income
5,218
5,928
5,109
-12.0%
Operating margin
14.5%
15.7%
14.1%
Interest expense
664
741
783
-10.4%
Pre-tax income
4,797
5,483
4,734
-12.5%
Income tax
1,626
1,946
1,659
-16.4%
Effective tax rate
33.9%
35.5%
35.0%
Net income
3,162
3,537
3,065
-10.6%
Net margin
8.8%
9.4%
8.5%
Diluted EPS
$8.63
$9.09
$7.63
-5.1%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
3,526
3,254
1,168
+8.3%
Capital expenditure
1,048
1,158
1,319
-9.5%
Free cash flow
2,478
2,096
-152
+18.2%
Free cash flow margin
6.9%
5.5%
-0.4%
Depreciation and amortisation
1,306
1,140
1,004
+14.6%
Share-based compensation
78.5
80.7
74.5
-2.7%
Buybacks
2,731
1,531
1,588
+78.3%
Dividends paid
786
753
698
+4.4%
Dividend per share
$2.22
$1.99
$1.79
+11.6%
Diluted shares, weighted
366m
389m
402m
-5.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
9,063
10,266
6,842
-11.7%
Non-controlling interest
2.9
1.9
19.9
+52.6%
Debt
36,958
34,476
32,420
+7.2%
Other liabilities
15,312
14,778
16,983
+3.6%
Total liabilities and equity
61,336
59,521
56,266
+3.0%
Fixed assets
5,578
5,467
5,012
+2.0%
Goodwill
791
845
921
-6.3%
Intangible assets
68.8
77.1
105
-10.8%
Securities held for sale or to maturity
1,160
1,605
1,470
-27.7%
Loans
27,422
25,633
22,159
+7.0%
Cash and equivalents
3,787
3,504
4,652
+8.1%
Inventory
4,210
4,935
5,170
-14.7%
Other assets
18,320
17,456
16,776
+4.9%
Total assets
61,336
59,521
56,266
+3.0%
10-K for the year ended 31 October 2014, filed 19 December 2014: the filing.