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OMAHA, Neb. (AP) — Irrigation system maker Lindsay Corp. said Wednesday that its fiscal fourth-quarter net income jumped 48 percent, boost by higher demand from farmers.
For the quarter ended Aug. 31, the Omaha, Neb.-based company made $8.8 million, or 68 cents per share, up from $5.9 million, or 46 cents per share, in the same quarter last year. Revenue rose 10 percent to $127.8 million.
The profit fell short of Wall Street predictions. Analysts, on average, expected 75 cents per share on $127.2 million in revenue, according to FactSet.
Irrigation equipment revenue jumped 18 percent to $107.9 million, as domestic irrigation revenue increased 18 percent to $56.2 million and international irrigation revenue rose 19 percent to $51.7 million.
Infrastructure revenue dropped 20 percent to $19.9 million, mainly as a result of lower sales and leases of its quick-change moveable barrier product.
For the full fiscal year 2012, Lindsay earned $43.3 million, or $3.38 per share, up from $36.8 million, or $2.90 per share, in fiscal 2011. Revenue rose 15 percent to $551.3 million.
Lindsay said its 2012 irrigation sales and profits were helped by higher farm incomes and spending, adding that those factors have continued into the first few months of fiscal 2013. The company said it also expects the recent passage of a federal highway bill, along with its own cost cuts, to help improve sales and profitability at its infrastructure business this year.
Lindsay shares fell $3.78, or 5.1 percent, to $70.74 in afternoon trading.