Lindsay reports higher profit, revenue for fiscal 2nd quarter

Lindsay posts higher fiscal 2nd-quarter profit

OMAHA, Neb. — Lindsay Corp., which makes agricultural irrigation systems and construction safety equipment, said Wednesday that its fiscal second-quarter profit jumped sharply as revenue increased.

For the three months ended Feb. 28, the company earned $6 million, or 48 cents per share, up from a profit of $150,000, or a penny per share, in the same period a year earlier. The latest quarter’s results include a gain of 16 cents per share from state investment credits.

Revenue rose 31 percent to $85.2 million from $65.1 million.

Analysts, on average, projected profit of 33 cents per share on revenue of $78.7 million, according to a poll by Thomson Reuters. Analysts typically exclude one-time items from their estimates.

“Nebraska’s state economic development incentive wage and investment credits significantly contributed to earnings during the quarter,” the company said in a statement.

Lindsay also said that while commodity prices declined during the quarter, causing farmers to remain cautious regarding investments, irrigation equipment demand for the rest of fiscal 2010 “appears to be slightly better than fiscal 2009 at this time.”

Shares fell 82 cents to $41.84 in afternoon trading.