Deere & Co. lifted its financial outlook for the year as machinery demand from farmers remained robust despite slumping crop prices.

The world’s top agricultural machinery producer expects net income for fiscal 2023 between $9.75 billion and $10 billion, the Moline, Illinois-based company said Friday in a statement. That’s above its outlook in May for $9.25 billion to $9.5 billion, and it compares to the Bloomberg consensus for about $9.4 billion.