At least drought is good for somebody, especially irrigation equipment manufacturer and installer Lindsay Corporation (NYSE: LNN). Lindsay's 3Q total revenues increased 54% to $143.6 million. And this is before the extensive flooding in the Midwest damaged so many irrigation systems that will require repair or replacement as soon as the waters recede. Net earnings also just about doubled to $14.1 million or $1.15 per diluted share. Lindsay boosted irrigation equipment domestic revenues 46% and international revenues a staggering 95%. Infrastructure revenues increased 30%. Operating income increased 50% and backlog of unshipped orders increased 53%. This is a company that literally cannot ship product out the door quickly enough to satisfy customer demand.

The story is the same for the first nine months of fiscal 2008. Total revenues increased 57% to $328 million. Irrigation revenues both domestic and international were up a total of 58% and infrastructure revenues rose 55%. CEO Rick Parod predicts that demand for comprehensive irrigation systems, including pump station controls and designs, will continue strong for the foreseeable future. Lindsay systems help farmers stabilize crop yield while also conserving water.

Given the good numbers right now and for the future, it is difficult to explain the recent plunge in share price. Currently the stock is trading at just under $100, down 18% in 2 days. The 52-week low is $34.84. The 52-week high is $131.14. Pickings for strong growth stocks are slim right now. This one would well repay some investor due diligence.

Lindsay Corporation (NYSE: LNN) manufactures automated agricultural irrigation systems. Offerings include center pivot and lateral move systems, as well as hose reel travelers and mini-pivots. The firm also makes chemical injection systems, remote monitoring products and irrigation controls. Lindsay's systems are sold through a worldwide network of dealers to farmers in more than 90 countries. Wholly owned Lindsay subsidiaries make movable barriers for traffic management and crash cushions for improved highway safety.

The company pleased investors earlier in the month, when it reported fiscal Q2 EPS of 79 cents and revenues of $108.4 million. The Street had been expecting 47 cents and $83.4 million. The CEO noted, "With the current USDA forecast of a second consecutive year of record net cash farm income in 2008, we believe domestic demand for our irrigation products will remain robust. International demand is also expected to increase on the strength of higher agricultural commodity prices and global agricultural development." Boenning & Scattergood subsequently upgraded the shares to "market outperform".