Lindsay Soars On Ag Boom (LNN)

Shares of irrigation maker Lindsay LNN soared more than 17 percent on Wednesday. Booming prices for agricultural commodities such as soybeans and wheat helped bolster Lindsay's fiscal fourth-quarter earnings. The company said it earned 48 cents a share on revenues of $87.2 million. Analysts expected earnings of 28 cents a share on revenues of $85.7 million. CEO Rick Parod said the company saw strong demand in the quarter for its movable barrier systems for roadway construction, but the outlook at the unit remains uncertain as a multi-year highway bill is not expected until next year. The infrastructure segment accounts for 34 percent of the company's total revenue. If commodity prices remain strong the company expects higher irrigation equipment demand.