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Deere & Company - Farm and Construction Machinery

Deere & Company - Farm and Construction Machinery. Bill Dailey 03/31/2014. Deere & Company. Segments Agriculture and Turf - $29.1B Construction and Forestry - $5.9B Power Systems (engines) Parts and Services - $682M Financial Services - $2.1B 2013

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Deere & Company - Farm and Construction Machinery

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  1. Deere & Company - Farm and Construction Machinery Bill Dailey 03/31/2014

  2. Deere & Company • Segments • Agriculture and Turf - $29.1B • Construction and Forestry - $5.9B • Power Systems (engines) • Parts and Services - $682M • Financial Services - $2.1B • 2013 • Income of $3.54B on revenues of $37.8B • Third consecutive year of record earnings, eighth time in last ten years • Quarterly dividend increased by 11% to $1.99/share

  3. Company Comparisons • Caterpillar is most similar • Both have financing operations • Caterpillar’s revenues come mainly from their construction and mining divisions • Joy Global • Operates in the mining industry • Much smaller revenue numbers • Komatsu • Operates mainly in the construction industry • Very small portion in the farming industry • Tractor and Agriculture Machinery Manufacturing • Deere holds 40%, followed by CNH Industrial with 11.7%

  4. Trade Accounts Receivable

  5. Property and Equipment

  6. Goodwill

  7. Intangible Assets

  8. Deferred Taxes

  9. Benefits – Gross Up

  10. Benefits - AOCI

  11. Net Sales

  12. Other Income

  13. Other Operating Expenses

  14. Debt • Short Term Rate • 2013 – 0.8% • 2012 – 1.0%

  15. Income Tax Rate

  16. Additional Details • ‘Assets held for sale’ ($505.0M) and ‘Liabilities held for sale’ ($120.4M) are the result of the sale of the Landscapes division • Little detail given on the SG&A expense line item • Small advertising expense

  17. Questions?

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