Lindsay (LNN) Delivers Solid Results for Q2

Lindsay Corp (NYSE:LNN) traces its roots back to 1955 when founder Paul Zimmerer started a farm equipment business in Nebraska. Since then, it is engaged in the manufacturing and sale of agricultural irrigation equipment. Over the years, Lindsay gradually evolved from a regional firm to a global provider of water efficiency solutions and road infrastructure products and services.

The company on Tuesday announced better-than-expected financial results for the second quarter. Lindsay reported earnings of $11.9 million, or $1.08 per share for the three months ended February 28, significantly higher than 51 cents per share in the comparable quarter of 2020. Analysts on average were looking for earnings of 86 cents per share.

Revenue came in at $143.6 million, up 26 percent from the year-ago quarter, and above the consensus forecast of $131.1 million. Revenue from the irrigational segment jumped 27 percent on a year-over-year basis to $118.6 million, while revenue from the infrastructure segment rose 23 percent to $25.0 million.

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Commenting on the results, CEO Randy Wood said in a statement, “Second quarter results were aided by improved agricultural market conditions as commodity prices reached their highest level in several years. We experienced strong demand for irrigation equipment throughout the quarter in North America as well as most international markets.”

Lindsay shares rose more than 5 percent on Tuesday morning after reporting its Q2 results above expectations. Overall, LNN stock has performed in recent months. Lindsay shares have jumped nearly 90 percent during the past 12 months and about +40 percent on a year-to-date basis.

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