Lindsay Corporation (LNN) reported fiscal third-quarter earnings of $0.42 per share, beating our expectations of $0.34 per share and market expectations of $0.25 per share. The company has been successful in cutting personnel as well as other operating expenses through its cost-reduction initiatives implemented in the first three quarters of fiscal 2009.The company posted revenue of $84.6 million for the quarter, compared to $143.6 million in the third quarter of fiscal 2008. Current global economic conditions are adversely impacting the company's businesses. Irrigation equipment revenue declined 45%, and Infrastructure revenue was down 21% year-over-year. In the Irrigation segment, Lindsay witnessed a 47% drop in domestic sales and 40% drop in international revenue. Management stated that despite an improvement in agricultural commodity prices, farmers have stayed away from purchasing capital goods due to the prevailing uncertain market conditions.The Infrastructure business is highly ...