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.