Summary
Deere & Company's Form 10-K/A for the fiscal year ended October 31, 2015, primarily serves to amend and restate the Report of Independent Registered Public Accounting Firm due to typographical errors. This amendment does not alter the core financial disclosures of the original 10-K filing. Financially, the company experienced a notable decrease in net sales and revenues, dropping from $36.1 billion in fiscal year 2014 to $28.9 billion in fiscal year 2015. This decline is reflected in net income attributable to Deere & Company, which fell from $3.16 billion in 2014 to $1.94 billion in 2015. Consequently, diluted earnings per share decreased from $8.63 to $5.77. The balance sheet shows total assets decreasing from $61.3 billion to $57.9 billion, primarily driven by a reduction in financing receivables and inventories, while total liabilities also decreased. The company maintained a strong cash position and managed its debt effectively, with significant liquidity available through its credit facilities.
Financial Highlights
38 data points| Revenue | $28.86B |
| Cost of Revenue | $20.14B |
| Gross Profit | $8.72B |
| R&D Expenses | $1.43B |
| SG&A Expenses | $2.87B |
| Operating Expenses | $26.08B |
| Operating Income | $3.14B |
| Interest Expense | $680.00M |
| Net Income | $1.94B |
| EPS (Basic) | $5.81 |
| EPS (Diluted) | $5.77 |
| Shares Outstanding (Basic) | 333.60M |
| Shares Outstanding (Diluted) | 336.00M |
Key Highlights
- 1Net sales and revenues decreased by approximately 20% year-over-year, from $36.1 billion in FY2014 to $28.9 billion in FY2015, indicating a challenging market environment.
- 2Net income attributable to Deere & Company declined significantly from $3.16 billion in FY2014 to $1.94 billion in FY2015, reflecting the impact of lower sales.
- 3Diluted earnings per share decreased from $8.63 in FY2014 to $5.77 in FY2015.
- 4Total assets decreased from $61.3 billion to $57.9 billion, with notable reductions in financing receivables and inventories.
- 5The company reported strong operating cash flows of $3.74 billion in FY2015, demonstrating effective cash generation despite lower revenues.
- 6Deere & Company maintained substantial liquidity, with $4.16 billion in cash and cash equivalents and significant unused lines of credit.
- 7The financial services segment continued to be a significant contributor to revenue and operating profit, though with slight variations from the prior year.