OMAHA, Neb. (AP) -- Lindsay Corp. on Thursday posted a 19 percent jump in fourth-quarter net income on improved revenue but the results fell short of market expectations, sending the irrigation equipment maker's stock lower.
The company earned $10.4 million, or 81 cents per share, for the period that ended Aug. 31. That's up from $8.8 million, or 68 cents per share, in the same quarter last year.
Its revenue increased to $148.4 million from $127.8 million, helped by strong sales overseas including a major contract in Iraq. Sales in the U.S. slowed compared with a year ago when they were boosted by drought-driven sales in the corn belt.
Analysts polled by FactSet were anticipating earnings of 91 cents per share on revenue of $155.7 million for the quarter.
The latest quarter was also weighed down by higher expenses, including compensation and acquisition costs.
Lindsay's CEO and President Rick Parod said that the company sees a solid backdrop for long-term growth, based on trends in population, food production and water use.
The company earned $70.6 million, or $5.47 per share, for the full year compared with $43.3 million, or $3.38 per share, last year. Its revenue increased 25 percent to $690.8 million from $551.3 million.
Shares of the Omaha, Neb., company fell $4.92, or 5 percent, to $75.15 in afternoon trading amid a broader market uptick. Its shares remain in the middle of its 52-week trading range of $66.98 to $94.90.