Deere & Company reported fiscal Q4 net income was $649.2 million, down 19.5% from $806.8 million in the same quarter a year ago. Full-year fiscal 2014 net income was $3.162 billion, down from $3.537 billion a year earlier.

Deere said worldwide Q4 revenues decreased 5% to $8.97 billion and were down 5% to $36.07 billion for the full fiscal year.

“John Deere has completed another year of solid performance in spite of weaker conditions in the global form sector, which caused sales and earnings to decline from the record totals of 2013,” said Samuel R. Allen, CEO. “The slowdown has been most pronounced in the sale of large farm machinery, including many of our most profitable models,” Allen added.

Deere said sales in the company’s agriculture and turf division dropped 13% year-over-year in Q4 and construction and forestry equipment sales were up 23%. Agriculture and turf sales dropped 9% in the fiscal year 2014, while construction and forestry equipment sales rose 12% for the year.

In its outlook, Deere said equipment sales are projected to decrease about 15% for fiscal 2015 and to be down about 21% for the first quarter company with year-ago periods. For fiscal 2015, net income attributable to Deere & Company is anticipated to be about $1.9 billion.

Deere said worldwide sales of agriculture and turf equipment are forecast to decrease by about 20% for fiscal-year 2015 as a result of weaker conditions in the global farm economy. Industry sales for agriculture machinery in the U.S. and Canada are forecast to be down 25% to 30% for 2015.

Commenting on its construction and forestry segment, Deere said sales are forecast to increase about 5% for 2015 and noted that the gain reflects further economic recovery and higher housing starts in the U.S. as well as sales increases outside the U.S. and Canada. Global forestry sales are expected to hold steady with the attractive levels of 2014, Deere noted.

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