Lindsays 3Q Earnings Up 23%
Lindsay Corp.’s fiscal third-quarter earnings rose 23% as the company booked higher revenue, particularly from its irrigation equipment division.
“Farm incomes and commodity prices have driven positive farmer sentiment, leading to increased domestic irrigation demand,” Chief Executive Rick Parod said. In the latest period, revenue rose 18% to $149.6 million in Lindsay’s irrigation equipment business, including a 38% jump in the domestic business and a 12% fall abroad.
As of the end of the quarter, the company’s backlog stood at $44.5 million, compared with $87.3 million at the end of the prior quarter and $43.3 million a year earlier.
For the quarter ended May 31, Lindsay reported a profit of $18.8 million, compared with a year-earlier profit of $15.3 million. Revenue rose 12% to $172.1 million.
Gross margin widened to 28.5% from 27%, an improvement the company said reflected improvement in the irrigation and infrastructure segments.