On the back of an increase in the gross margins, Lindsay Corp., the manufacturer of irrigation equipment, managed to post much better-than-expected figures for the first quarter.

For the quarter up-to November 30, the firm posted net earnings of $6.7 Million, or 53 cents a share, as compared to last year's figures for the same period which stood at $6.3 Million, or 51 cents per share.

Revenue, however, declined by 24% to $86 Million.

The actual figures have managed to beat the estimates pegged by analysts, who were expecting the company to post earnings of 24 cents a share on revenue of $77.38 Million.

Compared to last year's 25.3%, gross margins were 30%, on the back of improved margins of infrastructure from higher revenues of "quick moveable barrier product and stable irrigation margin".

According to the company, its backlog of unshipped orders was pulled down to $36.1 Million from last year's $40.1 Million.

In November 2008, amidst employing strict cost cuts, the company let go of as many as 100 workers, and it also pulled down operating expenses by 13% for the current year.