UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM |
CURRENT REPORT
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Item 2.02 Results of Operations and Financial Condition.
John Deere Capital Corporation’s (JDCC) revenue, net income, and ending portfolio balance for the third quarter and first nine months of fiscal year 2024, are set forth below:
Third Quarter | Year to Date | |||||||||||||||
$ in millions | 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||
Revenue | $ | 1,284 | $ | 1,058 | 21% | $ | 3,644 | $ | 2,823 | 29% | ||||||
Net income | $ | 123 | $ | 158 | -22% | $ | 424 | $ | 425 | 0% | ||||||
Ending portfolio balance | $ | 60,845 | $ | 54,908 | 11% | |||||||||||
JDCC’s net income for the quarter was lower than the same period in 2023 primarily due to a higher provision for credit losses and less-favorable financing spreads, partially offset by income earned on higher average portfolio balances and favorable discrete tax items. Year-to-date net income was flat compared to 2023 primarily due to a higher provision for credit losses and less-favorable financing spreads, offset by income earned on higher average portfolio balances, lower dealer financing incentives, and favorable discrete tax items.
Item 7.01Regulation FD Disclosure.
On August 15, 2024, Deere & Company, JDCC’s parent, issued a press release announcing its results of operations for the third quarter and first nine months of 2024 and made available a presentation providing a review of its third quarter of fiscal 2024 in connection with its investor earnings call. Copies of the press release and presentation are furnished herewith as Exhibits 99.1 and 99.2, respectively, and incorporated herein by reference.
Item 8.01Other Events.
The information set forth in Item 2.02 of this Current Report on Form 8-K is incorporated by reference into this Item 8.01.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
Number | Description of Exhibit | |
99.1 | ||
99.2 | ||
104 | Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document) |
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