Moline, Illinois-based Deere & Company had net income of $254 million, or 80 cents per share, for the first quarter ended January 31st. That compares to $386 million, or $1.12 per share, for the same period of 2015.
Worldwide net sales and revenues for the first quarter decreased 13 percent. Deere says the declines were a result of weakness in global markets for farm and construction equipment.
The company contends all businesses remain profitable, helped by what it calls sound execution and effective cost management. A forecast for the rest of the year predicts a 10 percent sales decline and earnings of $1.3 billion.