On Friday, shares of agricultural equipment maker Deere & Company (DE Quick QuoteDE - Free Report) are gaining big, up around 13% in late-afternoon trading after the company raised its fiscal 2016 guidance after reporting strong third quarter results.

While profit and sales declined in the third quarter, Deere posted a surprise increase in per-share profit. EPS came in at $1.55 per share, soaring past the Zacks Consensus Estimate of 95 cents. Net sales for the period were $5.86 billion, lagging behind our estimate and falling almost 23% year-over-year.

Looking ahead, Deere now expects net income to be about $1.35 billion for the full fiscal year, up from the prior range of $1.2 billion to $1.3 billion. It also projects total equipment sales to decline 10% year-over-year. Deere is projecting sales growth of turf and utility equipment in the U.S. and Canada to range between plateauing out with a tendency to rise 5%, gaining from new products and general economic growth.

Deere has been struggling lately, mostly due to the current weak state in the global farm and construction industry. In order to combat this, the company began slowing down production to avoid a surplus of tractors and other agricultural equipment.

Over the last 12 months, DE has fallen over 18%. It sits at a #3 (Hold) on the Zacks Rank.

DEERE & CO Price, Consensus and EPS Surprise

DEERE & CO Price, Consensus and EPS Surprise | DEERE & CO Quote

Interested in the other top stories of the week? Listen to Zacks Friday Finish Line to catch up on the week’s financial and investment news.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>