Deere (DE) FY2019 results: revenue $39.3 billion, up 5.1% on the year
Deere & Co. (DE) reported revenue of $39.3 billion for fiscal 2019, the year ended 3 November 2019, up 5.1% on the year before. Net income was $3.3 billion, up 37.4%, and diluted earnings per share $10.15. The figures are the company's own, from the 10-K it filed with the SEC on 19 December 2019.
Revenue
$39.3 billion
+5.1% on the year
FY2012FY2019
Operating margin
11.2%
12.0% a year earlier
FY2012FY2019
Net income
$3.3 billion
+37.4% on the year
FY2012FY2019
Diluted EPS
$10.15
+40.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
39,258
37,358
29,738
+5.1%
Cost of revenue
28,370
26,970
19,934
+5.2%
Gross profit
10,888
10,388
9,804
+4.8%
Gross margin
27.7%
27.8%
33.0%
Research and development
1,783
1,658
1,373
+7.6%
Selling, general and administrative
3,551
3,456
3,098
+2.8%
Operating income
4,415
4,476
3,574
-1.4%
Operating margin
11.2%
12.0%
12.0%
Interest expense
1,466
1,204
900
+21.8%
Pre-tax income
4,088
4,071
3,154
+0.4%
Income tax
852
1,727
971
-50.7%
Effective tax rate
20.8%
42.4%
30.8%
Net income
3,253
2,368
2,159
+37.4%
Net margin
8.3%
6.3%
7.3%
Diluted EPS
$10.15
$7.24
$6.68
+40.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,412
1,820
2,200
+87.4%
Capital expenditure
1,120
896
595
+24.9%
Free cash flow
2,292
924
1,605
+148.1%
Free cash flow margin
5.8%
2.5%
5.4%
Cash from investing
-3,924
-8,176
-1,662
Cash from financing
509
876
4,286
-41.9%
Depreciation and amortisation
2,019
1,927
1,716
+4.8%
Share-based compensation
82.0
84.0
68.1
-2.4%
Buybacks
1,253
958
6.0
+30.8%
Dividends paid
943
806
764
+17.0%
Dividend per share
$3.04
$2.58
$2.40
+17.8%
Diluted shares, weighted
321m
327m
323m
-2.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
11,413
11,288
9,557
+1.1%
Non-controlling interest
4.0
3.0
3.2
+33.3%
Redeemable equity
14.0
14.0
14.0
0.0%
Debt
45,334
42,256
40,045
+7.3%
Other liabilities
16,246
16,547
16,166
-1.8%
Total liabilities and equity
73,011
70,108
65,786
+4.1%
Fixed assets
5,973
5,868
5,068
+1.8%
Goodwill
2,917
3,101
1,033
-5.9%
Intangible assets
1,380
1,562
218
-11.7%
Securities held for sale or to maturity
522
444
389
+17.6%
Loans
29,195
27,054
25,104
+7.9%
Cash and equivalents
3,857
3,904
9,335
-1.2%
Inventory
5,975
6,149
3,904
-2.8%
Other assets
23,192
22,026
20,735
+5.3%
Total assets
73,011
70,108
65,786
+4.1%
10-K for the year ended 3 November 2019, filed 19 December 2019: the filing.