The stock is down $33.91 (27.25%) at $90.52 pre-market.
This is one hell of an opportunity. Here's the earnings release:
Lindsay Corporation Reports Fiscal 2008 Third Quarter, Nine Month Results
, June 18, 2008—Lindsay Corporation (NYSE: OMAHA, Neb. LNN), a leading provider of irrigation systems and infrastructure products, today announced results for its fiscal 2008 third quarter ended May 31, 2008.
Third Quarter Results
Third quarter fiscal 2008 total revenues increased 54 percent to $143.6 million from $93.1 million for the year-ago period. Net earnings were $14.1 million or $1.15 per diluted share, compared with $7.5 million or $0.62 per diluted share, in the prior year's third quarter. As previously disclosed by the Company in a Form 8-K issued on May 5, 2008, a third quarter correction of previously recognized tax expense relating to Section 162(m) of the Internal Revenue Code, resulted in a reduction in income tax expense of approximately $1.1 million and a $0.09 increase to earnings per diluted share for the third quarter.
Total irrigation equipment revenues increased 60 percent to $120.6 million from $75.4 million in the prior fiscal year's third quarter. Domestic irrigation revenues increased 46 percent, while international irrigation revenues increased 95 percent from the prior year's quarter. Infrastructure revenues were $23.0 million compared with $17.7 million in the prior year period, an increase of 30 percent.
Gross margin was 25.8 percent compared to 26.2 percent a year ago due to lower infrastructure margins resulting from an unfavorable product mix and higher input costs. Operating expenses of $16.7 million were 11.6 percent of sales, compared with 13.9 percent of sales in the prior year period. The increased spending was primarily due to the inclusion of Watertronics and personnel related costs. Operating income during the quarter was $20.5 million, compared with $11.5 million in the prior year period.
Lindsay's backlog of unshipped orders at May 31, 2008 was $84.4 million compared with $30.0 million at May 31, 2007. Irrigation backlog increased $48.5 million ($44.8 million prior to the inclusion of Watertronics, acquired on January 24, 2008) on significantly improved volume of order flow for both domestic and international markets, while infrastructure backlog increased $5.9 million....MORE