Net loss attributable to Deere & Co. for the fiscal quarter ended Jan. 28 was $535.1 million compared to net income of $199.0 million in the year-ago period.
On a per-share basis, diluted net loss for the first fiscal quarter of 2018 was $1.66, compared to a profit of 62 cents in the year-ago period. The company recorded a provisional income tax expense of $965 million during the quarter due to the enactment of U.S. tax reform legislation.
Net revenues during the quarter rose 23% to $6.91 billion from $5.63 billion in the year-ago period. Operating profit for the first fiscal quarter of 2018 jumped 51% to $636 million from $422 million in the year-ago period.
Non-GAAP net income attributable to the company during the quarter was $430.0 million, or $1.31 per share.
The company declared a dividend of 60 cents per share for the quarter ended Jan. 28, constant year on year.
Chairman and CEO Samuel Allen said in a release that improving conditions in key markets have led to "strong increases" in demand for Deere's products. "Sales gains for the quarter, however, were moderated by bottlenecks in the supply chain and logistical delays in shipping products to our dealers," he added.
For the full fiscal year 2018, Deere is targeting a roughly 25% increase in net sales and revenues. Net income attributable to the company is expected to be about $2.1 billion, including an estimated unfavorable impact of $750 million due to the tax reform. Non-GAAP net income is expected to reach $2.85 billion for fiscal 2018.