Deere & Company (DE:US) shares closed 5.3% lower on Friday despite the producer of agricultural machinery reporting stronger-than-expected results for its third quarter and raising the net income forecast.

Earnings per share for the third quarter were reported at $10.20, reflecting a substantial increase from $6.16 year-over-year. Net income for the quarter amounted to $2.98 billion, showing a notable 58% increase year-over-year.

Revenue came in at $15.8 billion, while analysts were looking for just $14.12 billion. The Street consensus for adjusted EPS stood at $8.20.

Net sales for the Production & Precision Agriculture segment reached $6.8 billion, marking a 12% year-over-year increase and aligning closely with the estimated $6.8 billion. Net sales for the Small Agriculture & Turf unit hit $3.7 billion, reflecting a nearly 3% year-over-year increase and surpassing the estimated $3.66 billion.

As a result, the company said it now sees its net income forecast for the full year between $9.75 billion to $10.00 billion. This revision is an increase from the previously projected range of $9.25 billion to $9.50 billion.

“Reflected by our strong third-quarter results, Deere continues to benefit from favorable market conditions and an operating environment showing further improvement,” said John C. May, chairman and chief executive officer. “We are also being helped by stabilizing conditions in the supply chain, the sound execution of our business plans, and an improving ability to meet demand for our products and serve customers.”

Despite strong results, the company’s stock fell as it was located near record highs in anticipation of FQ3 results. This marks the third time in 16 months that Deere shares failed to clear the $440 resistance.

Congress members Ro Khanna, Jonathan Jackson, Josh Gottheimer, Dan Newhouse, and Daniel S. Goldman were all trading DE shares this year. Rep. Jackson reported the sale of $15,000 - $50,000 worth of DE shares on June 23.