Deere & Company (DE) posted better-than-expected fiscal second-quarter results on Thursday, sending its stock to a new record high in the opening minutes of trading.

The Moline, Ill.-based tractor and lawn mower maker reported earnings per share of $6.64 on revenue that declined 16% year-over-🥃year to $12.76 billion. Analysts polled by Visible Alpha had expected $5.60 and $12.37 billion, respectively.

Sales decreased 21% to $5.23 billion in its Production 🌳& Precision Agricultur෴e segment, fell 6% to $2.99 billion in Small Agriculture & Turf, and declined 23% to $2.95 billion in Construction & Forestry.

The company dropped the lower end of its full-year outlook due to what it the company calls a "dynamic environment," now forecasting profits of $4.75 to $5.5 billion for its full fiscal year. 澳洲幸运5官方开奖结果体彩网:Last quarter, it affirmed its full-year profit projection of $5.0 billion to $5.5 billion, despite what CEO John May called a "challenging market."

Deere shares, which entered Thursday up about 18% on the year, rose more than 4% to about $519 after earlier hitting a new intraday record of $528.55 soon after mark𒀰ets opened.

UPDATE—This article has been updated with the latest share price information.