John Deere, the world's leading tractor maker, has reported less quarterly earnings and lowered its 2020 sales outlook amid prolonged trade tensions between the United States and its key trade partners.

The Illinois-based farm and construction equipment maker, reported on Wednesday net income of $722 million for the fourth fiscal quarter that ended Nov 3. That's an 8 percent decline year-on-year, compared to $785 million for the same period of 2018.

"John Deere's performance reflected continued uncertainties in the agricultural sector," said John C.May, its chief executive officer.