Wednesday, June 27, 2012

Lindsay Corp (NYSE: LNN) beats Street on irrigation equipment demand

Lindsay Corp (NYSE: LNN) beats Street on irrigation equipment demandShawshank, VA 6/27/12 (StreetBeat) -- Agriculture equipment maker Lindsay Corp (NYSE: LNN) reported a 23 percent jump in quarterly net profit that also beat analysts' estimates on strong demand for its irrigation equipment in the United States.

Net income rose to $18.8 million, or $1.47 per share, in the third quarter, from $15.3 million, or $1.20 per share, last year.

Total revenue for the company -- which competes with Astec Industries Inc, Cascade Corp and Toro Co -- increased 12 percent to $172.1 million.

Analysts on average had expected earnings of $1.36 per share, before special items, on revenue of $166.2 million, according to Thomson Reuters I/B/E/S.

Lindsay's domestic irrigation revenue increased 38 percent to $105.6 million.

Gross margins climbed to 28.5 percent from 27 percent.

Lindsay's backlog of unshipped orders at May 31 increased about 3 percent from a year earlier.

Shares of the company, which has a market value of about $715 million, closed at $56.27 on Tuesday on the New York Stock Exchange.

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