Deere & Co. said its normalized net income for the fiscal second quarter ended April 30 amounted to $1.86 per share, compared with the S&P Capital IQ consensus estimate of $1.56 per share.
EPS declined 26.3% year over year from $2.53.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $632.7 million, a decline of 32.3% from $934.6 million in the year-earlier period.
The normalized profit margin fell to 7.5% from 9.4% in the year-earlier period.
Total revenue declined 17.9% year over year to $8.17 billion from $9.95 billion, and total operating expenses declined 14.9% from the prior-year period to $7.06 billion from $8.30 billion.
Reported net income declined 29.6% from the prior-year period to $689.6 million, or $2.03 per share, from $980.0 million, or $2.65 per share.
