Deere reported better-than-expected earnings and the stock rose 3% Thursday despite a cut to full-year financial guidance.

Deere announced fiscal second-quarter net income of $1.8 billion. Wall Street was looking for a net income of about $1.5 billion, according to Bloomberg. Looking ahead, Deere sees fiscal 2025 net income of between $4.8 billion and $5.5 billion. Prior guidance called for net income of $5 billion to $5.5 billion, down from $7.1 billion reported in the previous fiscal year.