On Thursday, shares of Deere & Company (DE.US) climbed more than 7% to $624.06 apiece. The move comes after the company reported its financial results for the third quarter of fiscal year 2026, covering the three months ended August 2. Net income for the quarter reached $1.38 billion, up from $1.29 billion in the same period last year.

Earnings per share came in at $5.10 for the quarter, surpassing the $4.69 consensus estimate from analysts surveyed by FactSet. Net sales and revenues grew 6.2% year-over-year to $11.0 billion, exceeding Wall Street's forecast of $10.81 billion. Total revenues for the period stood at $12.61 billion. In light of the robust performance, Deere has raised the lower end of its full-year net income guidance to $4.75 billion, while keeping the upper limit unchanged at $5.0 billion.

Investors have responded positively to the upbeat earnings and the revised outlook, pushing the stock sharply higher during the trading session. The company's better-than-expected top and bottom line results reflect continued strength in its agricultural and construction equipment segments, despite ongoing headwinds in the broader machinery market.