Deere & Company (NYSE: DE) shares jumped more than 12% intra-day Thursday after the agricultural equipment manufacturer reported first-quarter earnings and revenue that comfortably exceeded analyst expectations and lifted its full-year profit forecast.

The company posted first-quarter net income of $656 million, or $2.42 per share, surpassing analyst estimates of $2.02 per share. Revenue climbed 13% year over year to $9.61 billion, well ahead of the consensus estimate of $7.59 billion. Despite the strong top-line performance, net income declined 25% compared with $869 million, or $3.19 per share, reported in the same quarter a year earlier.

Deere raised its fiscal 2026 net income guidance to a range of $4.5 billion to $5.0 billion.

Performance in the Small Agriculture & Turf segment stood out, with sales advancing 24% to $2.17 billion and operating profit surging 58% to $196 million. The Construction & Forestry segment also delivered robust growth, with sales rising 34% to $2.67 billion and operating profit more than doubling to $137 million.