Lindsay Corp. up on increased Q4 revenue
Lindsay Corp. (NYSE: LNN) shares are up after the provider of irrigation systems announced before the opening fourth-quarter revenue of $73.5 million, above analyst estimates of $93.2 million and up 30% from $56.6 million a year earlier. The Omaha, Neb.-based firm’s earnings for the three months ended Aug. 31 were $3.8 million, or $0.32 a share, from $3.1 million, or $0.26 per share, during the year-ago period.
“Demand for irrigation equipment improved with higher global commodity prices, new Middle East projects and an improvement in Mexico following delayed government support programs earlier in the year,” CEO Rick Parod said in a statement.
Lindsay’s backlog of unshipped orders at Aug. 31 was $49.4 million, compared with $26.8 million at Aug. 31.
In morning trading, LNN shares are up 0.35%, or $0.16, at $46.24. Over the last 52 weeks, shares have ranged from $28.55 to $50.65.
