Deere and Company says it didn’t make as much money over the past three months as it did in the second quarter of last year.
Deere says it earned $981 million this past quarter. That’s down nine-percent from the billion dollars earned this time last year. The company says worldwide sales and revenues are down four-percent in the past six months.
The company beat Wall Street’s quarterly expectations on both profit and revenue.
Deere announced last year that it didn’t expect 2014 to be as strong as 2013 was. With farmer income projected to decline, Deere said sales of its agriculture and turf equipment could fall seven-percent for the full year.