Deere (DE) FY2015 results: revenue $28.9 billion, down 20.0% on the year
Deere & Co. (DE) reported revenue of $28.9 billion for fiscal 2015, the year ended 1 November 2015, down 20.0% on the year before. Net income was $1.9 billion, down 38.6%, and diluted earnings per share $5.77. The figures are the company's own, from the 10-K it filed with the SEC on 18 December 2017.
Revenue
$28.9 billion
-20.0% on the year
FY2008FY2015
Operating margin
10.9%
14.5% a year earlier
FY2008FY2015
Net income
$1.9 billion
-38.6% on the year
FY2008FY2015
Diluted EPS
$5.77
-33.1% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
28,863
36,067
37,795
-20.0%
Cost of revenue
20,143
24,776
25,667
-18.7%
Gross profit
8,720
11,291
12,128
-22.8%
Gross margin
30.2%
31.3%
32.1%
Research and development
1,425
1,452
1,477
-1.9%
Selling, general and administrative
2,873
3,284
3,606
-12.5%
Operating income
3,140
5,218
5,928
-39.8%
Operating margin
10.9%
14.5%
15.7%
Interest expense
680
664
741
+2.4%
Pre-tax income
2,780
4,797
5,483
-42.0%
Income tax
840
1,626
1,946
-48.3%
Effective tax rate
30.2%
33.9%
35.5%
Net income
1,940
3,162
3,537
-38.6%
Net margin
6.7%
8.8%
9.4%
Diluted EPS
$5.77
$8.63
$9.09
-33.1%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
3,759
3,526
3,254
+6.6%
Capital expenditure
694
1,048
1,158
-33.8%
Free cash flow
3,065
2,478
2,096
+23.7%
Free cash flow margin
10.6%
6.9%
5.5%
Cash from investing
-1,059
n/a
n/a
Cash from financing
-2,138
n/a
n/a
Depreciation and amortisation
1,382
1,306
1,140
+5.8%
Share-based compensation
66.1
78.5
80.7
-15.8%
Buybacks
2,771
2,731
1,531
+1.4%
Dividends paid
816
786
753
+3.9%
Dividend per share
$2.40
$2.22
$1.99
+8.1%
Diluted shares, weighted
336m
366m
389m
-8.2%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
6,758
9,063
10,266
-25.4%
Non-controlling interest
n/a
2.9
1.9
Debt
n/a
36,958
34,476
Other liabilities
n/a
15,312
14,778
Total liabilities and equity
n/a
61,336
59,521
Fixed assets
5,181
5,578
5,467
-7.1%
Goodwill
726
791
845
-8.2%
Intangible assets
n/a
68.8
77.1
Securities held for sale or to maturity
n/a
1,160
1,605
Loans
n/a
27,422
25,633
Cash and equivalents
4,162
3,787
3,504
+9.9%
Inventory
n/a
4,210
4,935
Other assets
47,814
18,320
17,456
+161.0%
Total assets
57,883
61,336
59,521
-5.6%
10-K for the year ended 1 November 2015, filed 18 December 2017: the filing.