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6 JOHN DEERE NEWS RELEASE Ken Golden Director, Global Public RelationsDeere & Company309—765—5678 Deere Reports Third-Quarter Net Income of $899 Million 0 Quarterly sales decline 3% to $8.97 billion. . Continued uncertainty in agricultural sector weighs on results. a Construction & Forestry reports sharply higher profit. 0 Full-year forecast revised to $3.2 billion of net income on approximately 4% sales gain. MOLINE, Illinois (August 16, 2019) — Deere & Company reported net income of $899 million for thethird quarter ended July 28, 2019, or $2.81 per share, compared with net income of $910 million, or $2.78per share, for the quarter ended July 29, 2018. For the first nine months of the year, net incomeattributable to Deere & Company was $2.532 billion, or $7.87 per share, compared with $1.584 billion, or$4.82 per share, for the same period last year. Affecting 2019 and 2018 results were charges or benefits to the provision for income taxes due toUS. tax reform legislation (tax reform). Without these changes, adjusted net income attributable to Deere 8. Company for the third quarter and first nine months of 2019 and 2018 would have been as presented inthe following table: Deere 8: Company Third Quarter Year to Date $ in millions 2019 2018 % Change 2019 2018 % ChangeNet income — adjusted $ 867 $ 849 2% $ 2,505 $ 2,825 8%Fully diluted EPS — adjusted $ 2.71 $ 2.59 $ 7.79 $ 7.08 (Information on non-GAAP financial measures is included in the appendix.) Worldwide net sales and revenues decreased 3 percent, to $10.036 billion, for the third quarter of2019 and increased 5 percent, to $29862 billion, for nine months. Net sales of the equipment operationswere $8.969 billion for the quarter and $26.182 billion for nine months, compared with $9.286 billion and $25.007 billion last year. “John Deere’s third-quarter results reflected the high degree of uncertainty that continues toovershadow the agricultural sector,“ said Samuel R. Allen, chairman and chief executive officer.“Concerns about export—market access, near—term demand for commodities such as soybeans, andoverall crop conditions, have caused many farmers to postpone major equipment purchases. At the sametime, general economic conditions remain positive and are contributing to strong results for Deere’sconstruction and forestry business.” Company Outlook & Summary Company equipment sales are projected to increase by about 4 percent for fiscal 2019 compared with2018. Included in the forecast are Wirtgen results for the full fiscal year of 2019 compared with 10 months Deere Announces Third-Quarter Earnings 1
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