Deere (DE) FY2018 results: revenue $37.4 billion, up 25.6% on the year
Deere & Co. (DE) reported revenue of $37.4 billion for fiscal 2018, the year ended 28 October 2018, up 25.6% on the year before. Net income was $2.4 billion, up 9.7%, and diluted earnings per share $7.24. The figures are the company's own, from the 10-K it filed with the SEC on 17 December 2018.
Revenue
$37.4 billion
+25.6% on the year
FY2011FY2018
Operating margin
12.0%
12.0% a year earlier
FY2011FY2018
Net income
$2.4 billion
+9.7% on the year
FY2011FY2018
Diluted EPS
$7.24
+8.4% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
37,358
29,738
26,644
+25.6%
Cost of revenue
26,970
19,934
18,249
+35.3%
Gross profit
10,388
9,804
8,395
+6.0%
Gross margin
27.8%
33.0%
31.5%
Research and development
1,658
1,373
1,389
+20.7%
Selling, general and administrative
3,456
3,098
2,764
+11.5%
Operating income
4,476
3,574
2,589
+25.2%
Operating margin
12.0%
12.0%
9.7%
Interest expense
1,204
900
764
+33.8%
Pre-tax income
4,071
3,154
2,224
+29.1%
Income tax
1,727
971
700
+77.8%
Effective tax rate
42.4%
30.8%
31.5%
Net income
2,368
2,159
1,524
+9.7%
Net margin
6.3%
7.3%
5.7%
Diluted EPS
$7.24
$6.68
$4.81
+8.4%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,820
2,200
3,764
-17.3%
Capital expenditure
896
595
644
+50.7%
Free cash flow
924
1,605
3,120
-42.4%
Free cash flow margin
2.5%
5.4%
11.7%
Cash from investing
-8,176
-1,662
n/a
Cash from financing
876
4,286
n/a
-79.6%
Depreciation and amortisation
1,927
1,716
1,560
+12.3%
Share-based compensation
84.0
68.1
70.6
+23.3%
Buybacks
958
6.0
205
+15,865.0%
Dividends paid
806
764
761
+5.5%
Dividend per share
$2.58
$2.40
$2.40
+7.5%
Diluted shares, weighted
327m
323m
317m
+1.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
11,288
9,557
6,520
+18.1%
Non-controlling interest
3.0
3.2
10.8
-6.2%
Redeemable equity
14.0
14.0
14.0
0.0%
Debt
42,256
40,045
11,915
+5.5%
Other liabilities
16,547
16,166
39,522
+2.4%
Total liabilities and equity
70,108
65,786
57,981
+6.6%
Fixed assets
5,868
5,068
5,171
+15.8%
Goodwill
3,101
1,033
816
+200.1%
Intangible assets
1,562
218
104
+616.7%
Securities held for sale or to maturity
444
389
394
+14.1%
Loans
27,054
25,104
23,702
+7.8%
Cash and equivalents
3,904
9,335
4,336
-58.2%
Inventory
6,149
3,904
3,340
+57.5%
Other assets
22,026
20,735
20,118
+6.2%
Total assets
70,108
65,786
57,981
+6.6%
10-K for the year ended 28 October 2018, filed 17 December 2018: the filing.