February 16, 2018 / 4:08 PM / 10 months ago

BRIEF-Deere Says Beyond Fiscal Year 2018 Effective Tax Rate To Be Between 25 Pct And 27 Pct

Feb 16 (Reuters) - Deere & Co:

* DEERE & CO SAYS NET INCOME FOR THE QUARTER WAS AFFECTED BY CHARGES FROM U.S. TAX REFORM, WHICH WE BELIEVE WILL REDUCE CO'S OVERALL TAX RATE AND BE BENEFICIAL IN THE FUTURE - CONF CALL

* DEERE & CO SAYS FOR THE QUARTER, DEERE EXPERIENCED INCREASED DEMAND ACROSS KEY MARKETS; THOSE SALES GAINS ARE MODERATED BY SUPPLY CHAIN AND LOGISTIC CHALLENGES - CONF CALL

* DEERE & CO SAYS DESPITE RISING DEMAND, GLOBAL GRAIN AND OILSEEDS STOCKS-TO-USE RATIOS ARE FORECAST TO REMAIN AT ELEVATED LEVELS IN 2017 '18 AS ABUNDANT CROP HAVE OFFSET STRONG DEMAND AROUND THE WORLD - CONF CALL

* DEERE & CO SAYS DESPITE RANGE-BOUND COMMODITY PRICES, THE INDUSTRY IS EXPERIENCING STRONGER REPLACEMENT DEMAND FOR LARGER EQUIPMENT - CONF CALL

* DEERE & CO SAYS 2018 FARM CASH RECEIPTS ARE ESTIMATED TO BE $372 BILLION, ABOUT 1% LOWER THAN 2017 - CONF CALL

* DEERE & CO SAYS CORN, SOYBEANS AND STOCKS-TO-USE RATIOS ARE EXPECTED TO DECLINE IN 2017-2018 AS GLOBAL DEMAND OUTPACES PRODUCTION - CONF CALL

* DEERE & CO SAYS CROP CASH RECEIPTS ARE PROJECTED TO DECLINE MODESTLY AS GAINS FROM OIL CROPS ARE OFFSET BY DECLINES IN FEED CROPS- CONF CALL

* DEERE & CO SAYS THE ECONOMIC INDICATORS AFFECTING THE CONSTRUCTION AND FORESTRY INDUSTRIES CONTINUE TO BE SUPPORTIVE OF EQUIPMENT DEMAND - CONF CALL

* DEERE & CO SAYS HOUSING DEMAND IS GOING UP, BUT SALES REMAIN CONSTRAINED BY SUPPLY DUE TO 35-YEAR-LOW INVENTORIES FOR NEW AND EXISTING SINGLE-FAMILY HOMES - CONF CALL

* DEERE & CO SAYS MACHINERY RENTAL UTILIZATION RATES CONTINUE IMPROVING, AND RENTAL PRICING CONTINUES TO GAIN POSITIVE TRACTION - CONF CALL

* DEERE & CO SAYS BEYOND FISCAL YEAR 2018, DEERE'S EFFECTIVE TAX RATE IS PROJECTED TO BE BETWEEN 25% AND 27%. - CONF CALL

* DEERE & CO SAYS AS AGRICULTURAL EQUIPMENT CYCLE IMPROVES, IT IS HELPED BY A REDUCTION IN USED EQUIPMENT INVENTORIES AND BY IMPACT OF REPLACEMENT DEMAND, DRIVEN BY CUSTOMERS' NEED FOR NEW EQUIPMENT - CONF CALL

* DEERE & CO SAYS SAYS U.S. TAX OVERHAUL COULD LEAD TO MORE EQUIPMENT PURCHASES - CONF CALL Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below