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 first quarter of fiscal year 2024 are set forth below:
First Quarter | ||||||||||||||||
$ in millions | 2024 | 2023 | % Change | |||||||||||||
Revenue | $ | 1,161 | $ | 837 | 39% | |||||||||||
Net income | $ | 175 | $ | 138 | 27% | |||||||||||
Ending portfolio balance | $ | 55,647 | $ | 47,166 | 18% |
JDCC’s net income for the quarter was higher than the same period in 2023 primarily due to income earned on higher average portfolio balances and lower dealer financing incentives, partially offset by less-favorable financing spreads and a higher provision for credit losses.
Item 7.01Regulation FD
On February 15, 2024, Deere & Company, JDCC’s parent, issued a press release announcing its results of operations for the first quarter of 2024 and made available a presentation providing a review of its first 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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