Wednesday, Lindsay Corp. (LNN), a provider of automated agricultural irrigation systems, announced a surge in third quarter profit on lower income tax expenses due to a correction and 54% increase in revenue. In the morning session, shares were down more than 18%.
Lindsay recorded quarterly net earnings of $14.107 million compared to $7.477 million last year. Earnings per share rose to $1.15 from $0.62 per share in the prior year. The company noted that tax correction resulted in reduction of income tax expenses of approximately $1.1 million and $0.09 per share for the third quarter.
On average, two analysts polled by First Call/Thomson Financial expected the company to earn $1.22 per share.
Quarterly revenue increased to $143.562 million from $93.147 million in the previous year. Operating income came in at $20.450 million, up from $11.514 million in the year ago period.
For the first nine-months, net profit climbed to $28.153 million from $11.772 million last year. Earnings per share were $2.29 compared to $0.99 in the previous year.
Revenue for the period was $327.91 million, up 57% from $208.353 million in the previous year. Operating income came in at $42.819 million compared to $17.836 million in the previous year.
Looking ahead, the company expects long-term growth from infrastructure segment on higher demand for unique road safety products.
LNN is currently trading at $101.08, down $23.23 or 18.80% on a volume of 2.54 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.