Deere (NYSE:DE) shares dropped more than 5% on Friday despite the upward adjustment of the company’s full-year guidance.

The company’s new expectations for the full-year net income fall within the range of $9.75 billion to $10.00 billion, marking an increase from the previous projection that ranged between $9.25 billion and $9.50 billion.

Deere achieved an impressive Q3 earnings per share (EPS) of $10.20, surpassing the analyst prediction of $8.20. Furthermore, the company’s quarterly revenue reached $15.8 billion, exceeding the Street estimate of $14.12 billion.

John May, the chairman and CEO, commented that Deere’s robust performance in the third quarter is a reflection of favorable market conditions and ongoing enhancements in the operational landscape.

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