Deere (DE) FY2017 results: revenue $29.7 billion, up 11.6% on the year
Deere & Co. (DE) reported revenue of $29.7 billion for fiscal 2017, the year ended 29 October 2017, up 11.6% on the year before. Net income was $2.2 billion, up 41.7%, and diluted earnings per share $6.68. The figures are the company's own, from the 10-K it filed with the SEC on 18 December 2017.
Revenue
$29.7 billion
+11.6% on the year
FY2010FY2017
Operating margin
12.0%
9.7% a year earlier
FY2010FY2017
Net income
$2.2 billion
+41.7% on the year
FY2010FY2017
Diluted EPS
$6.68
+38.9% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
29,738
26,644
28,863
+11.6%
Cost of revenue
19,934
18,249
20,143
+9.2%
Gross profit
9,804
8,395
8,720
+16.8%
Gross margin
33.0%
31.5%
30.2%
Research and development
1,373
1,389
1,425
-1.2%
Selling, general and administrative
3,098
2,764
2,873
+12.1%
Operating income
3,574
2,589
3,140
+38.0%
Operating margin
12.0%
9.7%
10.9%
Interest expense
900
764
680
+17.8%
Pre-tax income
3,154
2,224
2,780
+41.8%
Income tax
971
700
840
+38.7%
Effective tax rate
30.8%
31.5%
30.2%
Net income
2,159
1,524
1,940
+41.7%
Net margin
7.3%
5.7%
6.7%
Diluted EPS
$6.68
$4.81
$5.77
+38.9%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,200
3,764
3,759
-41.6%
Capital expenditure
595
644
694
-7.7%
Free cash flow
1,605
3,120
3,065
-48.6%
Free cash flow margin
5.4%
11.7%
10.6%
Cash from investing
-1,662
n/a
-1,059
Cash from financing
4,286
n/a
-2,138
Depreciation and amortisation
1,716
1,560
1,382
+10.0%
Share-based compensation
68.1
70.6
66.1
-3.5%
Buybacks
6.0
205
2,771
-97.1%
Dividends paid
764
761
816
+0.4%
Dividend per share
$2.40
$2.40
$2.40
0.0%
Diluted shares, weighted
323m
317m
336m
+2.1%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
9,557
6,520
6,758
+46.6%
Non-controlling interest
3.2
10.8
n/a
-70.4%
Redeemable equity
14.0
14.0
n/a
0.0%
Debt
40,045
11,915
n/a
+236.1%
Other liabilities
16,166
39,522
n/a
-59.1%
Total liabilities and equity
65,786
57,981
n/a
+13.5%
Fixed assets
5,068
5,171
5,181
-2.0%
Goodwill
1,033
816
726
+26.7%
Intangible assets
218
104
n/a
+109.4%
Securities held for sale or to maturity
389
394
n/a
-1.3%
Loans
25,104
23,702
n/a
+5.9%
Cash and equivalents
9,335
4,336
4,162
+115.3%
Inventory
3,904
3,340
n/a
+16.9%
Other assets
20,735
20,118
47,814
+3.1%
Total assets
65,786
57,981
57,883
+13.5%
10-K for the year ended 29 October 2017, filed 18 December 2017: the filing.