Lindsay Corp (NYSE:LNN) stock fell 4.16% (As on April 4, 11:17:39 AM UTC-4, Source: Google Finance) though the company posted better than expected results for the second quarter of FY25, primarily driven by a substantial backlog of $127 million, fueled by a major irrigation project in the MENA region. Included in these backlogs are amounts of $11.9 million and $20.3 million, respectively, for orders that are not expected to be fulfilled within the subsequent 12 months.  Net earnings for the quarter increased 47% to $26.6 million compared to net earnings of $18.1 million in the prior year. The irrigation segment revenues for the quarter increased 11% to $148.1 million compared to $133 million in the prior year.  In international irrigation markets, revenues of $71 million increased 42% compared to the prior year. The increase resulted from revenues related to our large project in the MENA region along with higher sales in other parts of this region compared to the prior year. This increase was partially offset by lower revenue in other international markets and by the unfavorable effects of foreign currency translation of approximately $4.7 million compared to the prior year.

Moreover, Infrastructure segment revenues for the quarter of $38.9 million more than doubled compared to revenues of $18.5 million in the prior year. The increase resulted primarily from the completion of a large Road Zipper system project valued at over $20 million that was delivered during the quarter. While Road Zipper lease revenue and sales of road safety products were slightly lower compared to the prior year. Infrastructure segment operating income for the quarter of $13.3 million more than tripled compared to $3.5 million in the prior year.

LNN in the second quarter of FY25 has reported the adjusted earnings per share of $2.44, beating the analysts’ estimates for the adjusted earnings per share by 55 cents. The company had reported the adjusted revenue growth of 23.5 percent to $187.1 million in the second quarter of FY25, beating the analysts’ estimates for revenue by $9.72 million. Revenue growth in international irrigation and infrastructure was partially offset by lower North America irrigation revenues compared to the prior year. The total available liquidity at the end of the second quarter was $236.7 million, which includes $186.7 million in cash, cash equivalents, and marketable securities, and $50 million available under the revolving credit facility. The company’s plans are in place to mitigate the potential impact of tariffs and retaliatory actions.