Diversified Financial Services
Company Overview of John Deere Financial Services, Inc.
John Deere Financial Services, Inc. provides financial services to agricultural and construction customers in the United States. The company offers retail, wholesale, and lease financing solutions. It also provides revolving credit and crop insurance services. The company was formerly known as John Deere Credit Company and changed its name to John Deere Financial Services, Inc. in October 2010. The company was founded in 1989 and is based in Moline, Illinois. John Deere Financial Services, Inc. operates as a subsidiary of Deere & Company.
One John Deere Place
Moline, IL 61265
Founded in 1989
Key Executives for John Deere Financial Services, Inc.
Vice President of Information Technology
Compensation as of Fiscal Year 2014.
John Deere Financial Services, Inc. Key Developments
Financial Services Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended October 31, 2014; Provides Earnings Guidance for Fiscal 2015
Nov 26 14
Financial Services reported unaudited earnings results for the fourth quarter and year ended October 31, 2014. For the quarter, net income attributable to Deere & Company of $172.2 million compared with $157.1 million in 2013. The improvement was due to growth in the credit portfolio, partially offset by lower crop insurance margins, higher selling, administrative and general expenses and a higher provision for credit losses. Additionally, yearly results benefited from a more favorable effective tax rate. Net sales and revenues were $762 million against $699 million a year ago. Operating profit was $261 million against $241 million a year ago.
For the year, net income attributable to Deere & Company of $624.5 million compared with $565.0 million in 2013. The improvement was due to growth in the credit portfolio, partially offset by lower crop insurance margins, higher selling, administrative and general expenses and a higher provision for credit losses. Additionally, yearly results benefited from a more favorable effective tax rate. Net sales and revenues were $2,577 million against $2,349 million a year ago. Operating profit was $921 million against $870 million a year ago.
For fiscal-year 2015 net income attributable to Deere & Company for the financial services operations is expected to be approximately $610 million. The outlook reflects a decline from the prior year due primarily to an expected increase in the provision for credit losses, versus the low level of 2014, and a less favorable tax rate. These factors are projected to be partially offset by growth in the credit portfolio and higher crop insurance margins.
Deere Announces Changes to Senior Leadership Team
Oct 1 14
Deere & Company announced changes to its senior leadership team that will take place after the retirement of James A. Israel, president of John Deere Financial - the company's global financial services division headquartered in Des Moines, Iowa. These changes are effective October 23: James A. Israel, president, John Deere Financial, has elected to retire after 35 years of service. Michael J. Mack, Jr. is appointed group president, John Deere Financial Services, Global Human Resources and Public Affairs. Max A. Guinn is appointed president, Worldwide Construction & Forestry, Global Labor Relations and Security. Israel joined Deere in 1979, has held a number of management positions, and was appointed president of the financial services business in 2006. With his guidance, the size of the company's credit portfolio nearly doubled to approximately $40 billion and the number of countries in which financing services are offered increased from 17 to 45. Mack is currently president of Deere's Worldwide Construction & Forestry Division, a position he has held since 2009. He previously served as Deere & Company's treasurer and chief financial officer. Guinn is currently senior vice president of human resources, communications, public affairs and labor relations. He previously held a variety of leadership roles in both of Deere's major equipment divisions.
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