Deere & Co. said its normalized net income for the fiscal third quarter ended July 31 was $1.40 per share, compared with the S&P Capital IQ consensus estimate of $1.44 per share.

EPS declined 37.5% year over year from $2.24.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $468.5 million, a decrease of 42.8% from $818.6 million in the year-earlier period.

The normalized profit margin fell to 6.2% from 8.6% in the year-earlier period.

Total revenue declined 20.1% on an annual basis to $7.59 billion from $9.50 billion, and total operating expenses fell 15.2% on an annual basis to $6.88 billion from $8.11 billion.

Reported net income declined 39.9% year over year to $511.2 million, or $1.53 per share, from $850.7 million, or $2.33 per share.