John Deere Capital Corp.
11/21/2024 | Press release | Distributed by Public on 11/21/2024 05:12
Business/Financial Results Form 8 K
Item 2.02 Results of Operations and Financial Condition.
John Deere Capital Corporation's (JDCC) revenue, net income, and ending portfolio balance for the fourth quarter and full fiscal year 2024 are set forth below:
|
|
|
|
|
|
|
|||||||||||
|
|
|
Fourth Quarter |
|
Full Year |
||||||||||||
|
$ in millions |
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
||||
|
Revenue |
|
$ |
1,296 |
|
$ |
1,153 |
|
12% |
|
$ |
4,940 |
|
$ |
3,976 |
|
24% |
|
Net income |
|
$ |
157 |
|
$ |
147 |
|
7% |
|
$ |
581 |
|
$ |
572 |
|
2% |
|
Ending portfolio balance |
|
|
|
|
|
|
|
|
|
$ |
59,428 |
|
$ |
56,249 |
|
6% |
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, lower administrative and operating expenses, and a reduction in derivative valuation adjustments, partially offset by a higher provision for credit losses. Full-year 2024 net income was higher than 2023 primarily due to income earned on higher average portfolio balances and lower dealer financing incentives, partially offset by a higher provision for credit losses and less-favorable financing spreads. 2024 results also benefited from higher recoveries on freestanding credit enhancements.