Deere & Co. reported decreased sales and net income for the third quarter, driven by continued weakness in global markets for farm and construction equipment.

All of the manufacturer’s business segments remained profitable, and the company has increased its full-year earnings forecast to $1.35 billion.

Net income for the quarter ended July 31 was $488.8 million, or $1.55 per share, compared with $511.6 million, or $1.53 per share, for the same period last year. Worldwide net sales and revenues decreased 11 percent, to $6.72 billion, for the third quarter. Net sales of the equipment operations were $5.86 billion, compared with $6.84 billion in the third quarter of 2015.

“John Deere’s performance in the third quarter reflected the continuing impact of the global farm recession as well as difficult conditions in construction equipment markets,” said Samuel Allen, chairman and CEO. “All of Deere’s businesses remained profitable with the Agriculture & Turf division reporting higher operating profit than last year. As in past quarters, our results benefited from the sound execution of our operating plans, the impact of a broad product portfolio and our success keeping a tight rein on costs and assets.”