Lindsay Corp. tumbles 5.4% on uncertain outlook despite strong Q4
Shares of Lindsay Corp. (NYSE:LNN) fell by 5.4% this morning despite the company’s nearly tripling its fiscal fourth-quarter earnings and widely beating analysts’ estimates.
For the quarter ended Aug. 31, the Omaha, Neb.-based provider of irrigation systems and infrastructure products said before the bell this morning that it earned $11.3 million, or $0.90 per share, compared with $3.8 million, or $0.32 per share, in the prior-year period.
Analysts polled by Thomson First Call on average were expecting earnings per share of $0.70.
Despite the improved performance, Lindsay Corp. noted that during the past few weeks, agricultural commodity prices have dropped significantly in the midst of a reduction in the availability of financing — factors that could impact potential customers’ ability to buy and finance irrigation equipment.
By midday, Lindsay Corp. is $52.98, down 3.02 from Tuesday’s close. More than 700,000 shares had changed hands compared with an average three-month volume of 433,606.
The stock has traded as low as $43.52 and as high as $131.14 in the past 52 weeks.
For detailed price information and news stories on Lindsay Corp., click LNN.
About the Author
Contributing author Mary Ann Azevedo has more than 13 years of writing and editing experience that includes coverage of a broad range of companies.
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