John Deere's latest earnings report showed a decline in sales and earnings.
The company's third quarter earnings report was released Friday, August 21, 2015. The $511.6 million in earnings was a decline from the $850.7 million earned at the same time last year.
According to the report, net sales of worldwide equipment operations declined 22 percent for the quarter. Net sales in the U.S. and Canada were similar, decreasing 21 percent and 17 percent.
Chairman and Chief Executive Officer Samuel R. Allen said this quarter's results show the "downturn of the farm economy." Allen also said there were fewer sales of construction equipment.
"Nevertheless, all of Deere's businesses remained solidly profitable..." Allen said.
On August 3, a John Deere facility in Tianjin, China was damaged when a chemical storage facility exploded. John Deere was forced to shut down operations until August 20, previous reports indicate.
A spokesman from John Deere, Ken Golden, said the blast was "not likely to be material to the overall business results of the company."
As for the upcoming fourth quarter, the company expected to be down about 24 percent, compared with last year.