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.

For access to the full article, you must be a registered member - it's FREE.