Deere & Company have announced their net income was $511.6 million, or $1.53 per share, for the third quarter ended July 31, compared with $850.7 million, or $2.33 per share, for the same period last year. This is a fall of almost 40%.

For the first nine months of the year, net income attributable to Deere & Company was $1.589 billion, or $4.67 per share, compared with $2.513 billion, or $6.79 per share, last year.

Worldwide net sales and revenues decreased 20 percent, to $7.594 billion, for the third quarter and were down 18 percent, to $22.147 billion, for nine months. Net sales of the equipment operations were $6.840 billion for the quarter and $19.843 billion for nine months, compared with $8.723 billion and $24.918 billion for the periods last year.

"John Deere's third-quarter results reflected the continuing impact of the downturn in the farm economy as well as lower demand for construction equipment," said Samuel R. Allen, chairman and chief executive officer. "Nevertheless, all of Deere’s businesses remained solidly profitable, benefiting from the sound execution of our business plans and the success of our efforts to develop a more agile cost structure. As a result, the company continues to be well-positioned to provide customers with technologically advanced products and services, while funding its growth plans and returning cash to stockholders."

Deere has downgraded its net income forecast for the year, from the $1.9 billion forecasted in May to $1.8 billion. For the year it sees equipment sales down 21% as opposed to an earlier forecast for a 19% drop.

Going forward, Deere is forecasting worldwide sales of agriculture and turf equipment to decrease by about 25 percent for fiscal-year 2015. Gross sales in Asia will fall reasonably, led by declines in India and China, whereas gross sales throughout Europe will drop about 10% this year.