Deere & Co. announced today that its fiscal first-quarter earnings increased a better-than-expected 55 percent, as climbing crop prices heightened demand for agricultural equipment worldwide, Reuters reported.

The world’s largest maker of agricultural machinery said it earned $369.1 million, or 83 cents a share during the three months ended Jan. 31, compared with $238.7 million, or 52 cents a share, a year earlier. On average, analysts expected the Moline, Ill.-based company to report a profit of 77 cents a share, according to Reuters Estimates.

Strong results overseas drove the gains. Sales outside the United States and Canada rose 37 percent, helped by the weak U.S. dollar. Deere’s farm equipment sales increased 33 percent. Sales of construction and forestry equipment fell 6 percent, reflecting the slowdown of the U.S. housing market.

The company also raised its full-year profit forecast, citing even stronger global demand for its tractors and combines than it had earlier forecast. Deere expects a full-year profit of $2.2 billion, up from an earlier forecast of $2.1 billion.