Lindsay Beats Q3 Views

Lindsay Corporation (NYSE: LNN) reported upbeat results for its fiscal third quarter on Thursday.The Omaha, Nebraska-based company posted quarterly net income of $12.9 million, or $1.10 per share, versus $16.5 million, or $1.28 per share, in the year-ago period.Its revenue slipped to $160.7 million from $169.9 million. However, analysts were expecting a profit of $0.81 per share on revenue of $153.69 million.The average estimate among 3 Estimize users was for earnings of $0.79 per share and revenue of $154.49 million.Irrigation equipment revenue dropped 12 percent year-over-year to $131.3 million, versus $149.0 million. U.S. irrigation revenue fell 2 percent to $86.7 million, while revenue in the international irrigation markets tumbled 27 percent to $44.6 million.Infrastructure revenue for the third quarter climbed 41 percent to $29.4 million.Its gross margin widened to 28.9 percent of sales, versus 28.4 percent of sales, in the year-ago quarter.During the third quarter, Lindsay repurchased 371,886 shares for $29.1 million.Rick Parod, president and chief executive officer, said, "The U.S. irrigation market continues to be impacted by lower commodity prices and farm incomes, while international irrigation markets have also been affected by changing currency rates and global commodity price reductions. The infrastructure segment once again delivered very positive results in the quarter, reflecting increased market penetration and share gains."Lindsay shares fell 2.19 percent to close at $82.62 yesterday.