Deere & Co. said its normalized net income for the fiscal first quarter ended Jan. 31 was $1.00 per share, compared with the S&P Capital IQ consensus estimate of 83 cents per share.
EPS decreased 39.0% year over year from $1.64.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $347.0 million, a decrease of 43.8% from $617.4 million in the prior-year period.
The normalized profit margin declined to 5.4% from 8.1% in the year-earlier period.
Total revenue declined 16.6% on an annual basis to $6.38 billion from $7.65 billion, and total operating expenses decreased 10.3% year over year to $5.99 billion from $6.68 billion.
Reported net income decreased 43.0% from the prior-year period to $387.2 million, or $1.12 per share, from $679.5 million, or $1.81 per share.
