May 20, 2016 / 11:28 AM / a year ago

BRIEF-Deere & Co Q2 earnings per share $1.56

2 Min Read

May 20 (Reuters) - Deere & Co :

* Announces second-quarter earnings of $495 million

* Q2 sales $7.875 billion versus I/B/E/S view $6.71 billion

* Q2 earnings per share $1.56

* Full-year forecast calls for 9% sales decline and earnings of $1.2 billion.

* Deere's worldwide sales of agriculture and turf equipment are forecast to decrease by about 8 percent for fiscal-year 2016

* Industry sales for agricultural equipment in U.S. and Canada are forecast to be down 15 to 20 percent for 2016

* Company equipment sales are projected to decrease about 9 percent for fiscal 2016 and to be about 12 percent lower for Q3

* Full-year 2016 industry sales in EU28 are forecast to be flat to down 5 percent

* Included in forecast is a negative foreign-currency translation effect of about 2 percent for full year and 1 percent in Q3

* In South America , industry sales of tractors and combines are projected to be down 15 to 20 percent for full-year 2016

* Industry sales of turf and utility equipment in U.S. and Canada are expected to be flat to up 5 percent for 2016

* Qtrly construction and forestry sales decreased 16 percent for quarter

* Qtrly agriculture & turf sales were approximately same for quarter and down 5 percent for six months

* Fiscal-Year 2016 net income attributable to Deere & Company for financial services operations is expected to be approximately $480 million

* Deere's worldwide sales of construction and forestry equipment are forecast to be down about 13 percent for 2016

* In forestry, global industry sales are expected to be down 5 to 10 percent from last year's strong levels for 2016

* Q2 earnings per share view $1.47 -- Thomson Reuters I/B/E/S

* FY earnings per share view $4.08, revenue view $23.13 billion -- Thomson Reuters I/B/E/S

* FY 2016 Asian industry sales are projected to be flat to down slightly, due in part to "weakness in China"

* Global farm recession, weak construction-equipment markets lead to lower sales and earnings for quarter and six months Source text for Eikon: Further company coverage:

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