Deere & Company announced worldwide net income of $238.7 million, or $1.04 per share, for the first quarter ended January 31, compared with $235.9 million, or $0.99 per share, for the same period last year, according to a company release.

Strong operating performance and a positive customer response to the company’s advanced products and services contributed to the quarter’s results, noted Robert W. Lane, chairman and chief executive officer. “This success puts the company in a stronger position to serve a growing customer base worldwide. In conjunction with increasing demand for renewable fuels and other positive global economic factors, it also strengthens our ability to deliver strong financial results,” said Lane.

According to an AP report, “analysts credited Deere’s rosier forecast and stock surge to rising production of corn-based ethanol, which has yielded high grain prices that give farmers more money to invest in equipment.”