Deere & Co lifted its forecast for full year results, as it unveiled quarterly profits well ahead of forecasts, helped by a "favourable level of demand", particularly in the Americas.
The agricultural machinery group, which owns the John Deere brand, lifted by $150m to a record $3.45bn its forecast for earnings in the year to the end of October, ahead of the $3.34bn-result Wall Street analysts have pencilled in.
The upgrade came as the group unveiled a 26% jump to $996.5m in earnings for the May-to-July quarter, on revenues up 4.4% at $10.0bn.
The quarterly earnings were equivalent to $2.56 per share, well ahead of the $2.17-per-share result that investors had expected.
The forecast-beating profits contrast with disappointment over the previous quarter's results, released in May, when the group sounded a "note of caution", highlighting "lingering economic concerns", and the impact on sales of a wet US spring which heavily delayed plantings.
Deere said on Wednesday that "relatively high commodity prices and strong farm incomes are continuing to support a favourable level of demand for farm machinery in much of the world.
Sales were also being supported by "global expansion and advanced new products".
Samuel Allen, the Deere chairman and chief executive, said: "Deere's success is a reflection of considerable strength in the farm sector," especially in North and South America, but with the group "expanding our global market presence while keeping a close watch on costs".
Agricultural equipment sales rose 7.9% to $7.85bn in the latest quarter, fostering a 32% jump to $1.34bn in divisional operating profits, and more than offsetting a drop in earnings at the group's smaller construction machinery business.
Nonetheless, Deere shares, which had risen in pre-market deals, fell back in official trading, on a weak day for New York stocks, but also among some questions over the group's expectations for farm prosperity next year.
Deere shares closed 1.9% lower at $82.34.
Deere stuck by a forecast that total agricultural equipment industry sales in Canada and the US would rise by 5% for the full year, while raising to "about" 20%, from 15-20%, its forecast for revenues from South America.
The South America upgrade reflected "strong market conditions and the impact of government-financing programmes in Brazil".
For the European Union, the group maintained a forecast of a drop of about 5% in industry sales, "due to weakness in the overall economy and soft conditions in the UK farm sector", which has been undermined by the knock-on effects of the second-wettest year on record in 2012.
Data on Tuesday showed UK wheat imports matching those of China in 2012-13 at nearly 3m tonnes, unusually far exceeding exports, as millers and feed merchants scrambled to fill the void left by last year's disappointing harvest.