Lindsay Corp Reports 1Q Results

Lindsay Corporation has announced first quarter revenues of $147.4 million increased 24 percent from $119.2 million in the same prior year period.

Net earnings were $14.7 million compared with $2.9 million in the prior year. Fiscal 2012 operating costs included $7.2 million of accrued expenses, relating to an estimated increase in the Company’s liability for environmental re-mediation at its Lindsay, Nebraska facility.

Backlog of unshipped orders at November 30, 2012 was $85.1 million compared with $52.8 million at November 30, 2011 and $57.1 million at August 31, 2012.

Rick Parod, President and CEO, commented, “Irrigation order volumes remained extremely robust throughout the first quarter as drought conditions combined with positive farmer sentiment, farm incomes and commodity prices continued into fiscal 2013.”