Deere & Company announced net income for the Q2 fiscal year was $690.5 million, down 29.6% compared with $980.7 million for the same period last year. For the first six months of the fiscal year, net income was $1.077 billion compared with $1.662 billion last year. Deere said a slowdown in global farm economy led to lower sales and earnings.

Deere said worldwide net sales and revenues decreased 18% to $8.171 billion, for the second quarter and decreased 17%, to $14.554 billion, for six months. Net sales of the equipment operations were $7.399 billion for the quarter and $13.004 billion for six months, compared with $9.246 billion and $16.195 billion for the periods last year.

Deere noted that agriculture and turf sales fell 25% for the quarter and 26% for six months due largely to lower shipment volumes and the unfavorable effects of currency translation.

“John Deere’s second-quarter results were noteworthy in light of the weak conditions that continue to affect the global agricultural sector,” said Samuel R. Allen, chairman and chief executive officer. “Our performance reflected the adept execution of our operating plans and contributions of a well-rounded business lineup. Deere’s construction and forestry and financial-services divisions had higher results for the quarter, and our agriculture and turf operations remained solidly profitable despite lower demand for large models of farm machinery. We also saw benefits from our success developing a more responsive cost and asset structure, a fact that gives our performance a greater degree of resilience.”

Deere said financial services reported net income for Q2/15 of $169.8 million and $326.6 million for six months compared with $147.7 million and $289.9 million last year. The quarter’s improvement was primarily due to a gain on the previously announced sale of the crop insurance business, partially offset by less favorable financing spreads.

To view the full Deere & Company news release, click here.