Deere & Co. Q1 FY2024 results: revenue $12.2 billion, down 3.7% on the year

Deere & Co. (DE) reported revenue of $12.2 billion for Q1 FY2024, the quarter ended 28 January 2024, down 3.7% on the same quarter a year earlier. Net income was $1.8 billion, down 10.6% on the year, and diluted earnings per share $6.23. The figures are the company's own, from the 10-Q it filed with the SEC on 29 February 2024.

Revenue$12.2 billiondown 3.7%

Net income$1.8 billiondown 10.6%

Diluted EPS$6.23

QuarterQ1 FY2024ended 28 January 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	12,185	15,411	n/a	n/a
Research and development	533	607	n/a	n/a
Selling, general and administrative	1,066	1,203	n/a	n/a
Operating income	2,215	3,026	n/a	n/a
Operating margin	18.2%	19.6%	n/a
Interest expense	802	782	n/a	n/a
Pre-tax income	2,215	3,072	n/a	n/a
Income tax	469	707	n/a	n/a
Effective tax rate	21.2%	23.0%	n/a
Net income	1,751	2,369	n/a	n/a
Net margin	14.4%	15.4%	n/a
Diluted EPS	$6.23	$8.23	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-908	5,693	n/a	n/a
Capital expenditure	362	611	n/a	n/a
Free cash flow	-1,270	5,082	n/a	n/a
Free cash flow margin	-10.4%	33.0%	n/a
Depreciation and amortisation	520	477	n/a	n/a
Share-based compensation	46.0	18.0	n/a	n/a
Buybacks	1,328	2,553	n/a	n/a
Dividends paid	386	362	n/a	n/a
Dividend per share	$1.47	n/a	n/a	n/a
Diluted shares, weighted	281m	294m	n/a	n/a
Shares outstanding at period end	278m	282m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	101,371	104,087	n/a	n/a
Cash and equivalents	5,137	7,458	n/a	n/a
Inventory	8,937	8,160	n/a	n/a
Goodwill	3,966	3,900	n/a	n/a
Finance lease liabilities	n/a	49.0	n/a	n/a
Shareholders' equity	22,075	21,785	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	15,411	12,185	15,235	13,152	11,144	8,508	12,763	12,018	12,395	9,611	13,369	12,608
R&D	607	533	565	567	625	526	549	556	680	554	583	567
SG&A	1,203	1,066	1,265	1,278	1,231	972	1,197	1,217	1,277	972	1,209	1,220
Operating income	3,026	2,215	3,117	2,355	1,519	895	2,337	1,600	1,425	836	2,293	1,882
Operating margin	20%	18%	20%	18%	14%	11%	18%	13%	11%	9%	17%	15%
Interest expense	782	802	836	840	870	829	784	794	763	719	712	710
Pre-tax income	3,072	2,215	3,117	2,355	1,519	895	2,337	1,600	1,425	836	2,293	1,882
Tax rate	23%	21%	24%	27%	16%	3%	23%	21%	25%	23%	23%	28%
Net income	2,369	1,751	2,370	1,734	1,245	869	1,804	1,289	1,065	656	1,773	1,379
Net margin	15%	14%	16%	13%	11%	10%	14%	11%	9%	7%	13%	11%
Diluted EPS	$8.23	$6.23	$8.53	$6.29	$4.57	$3.19	$6.64	$4.75	$3.92	$2.42	$6.55	$5.10
Operating cash flow	5,693	-908	1,852	3,195	5,092	-1,132	1,700	2,896	3,995	-890	1,932	2,208
Capital expenditure	611	362	357	324	597	352	203	297	508	256	195	265
Free cash flow	5,082	-1,270	1,495	2,871	4,495	-1,484	1,497	2,599	3,487	-1,146	1,737	1,943
Buybacks	2,553	1,328	1,094	805	780	441	397	298	2.0	302	198	197
Dividends paid	362	386	410	406	403	403	440	439	438	441	437	438
Shares outstanding	282m	278m	276m	274m	272m	271m	271m	270m	270m	270m	270m	270m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 28 January 2024, filed 29 February 2024, accession 0001558370-24-002149: the filing on EDGAR. All of Deere & Co.'s filings: EDGAR company page.

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