Lindsay Corp. (LNN) Tops Q3 EPS Expectations; Backlog at $53.2M

Lindsay Corp. (NYSE: LNN) reported Q3 EPS of $1.10, $0.29 better than the analyst estimate of $0.81. Revenue for the quarter came in at $160.7 million versus the consensus estimate of $153.7 million.

Irrigation equipment revenues totaled $131.3 million including $6.3 million of revenues from the recently acquired Elecsys Corporation, a 12 percent decrease from $149.0 million in the prior fiscal year’s third quarter. U.S. irrigation revenues of $86.7 million decreased 2 percent primarily as a result of the reduction in commodity prices and lower storm damage sales, partially offset by Elecsys revenue. In the international irrigation markets revenues for the third quarter were $44.6 million, decreasing 27 percent over the same quarter last year, with 10 percent revenue decline due to currency exchange. Sales declined in most markets but most significantly in Europe, China and Russia/Ukraine. Infrastructure revenues increased 41 percent to $29.4 million primarily due to increases in road safety product sales and Road Zipper System sales and leases.

Backlog of unshipped orders at May 31, 2015 was $53.2 million compared with $73.6 million at May 31, 2014 and $74.3 million at February 28, 2015. The backlog at May 31, 2014 included $12.7 million for the Golden Gate Bridge project, which was completed in the second quarter of fiscal 2015. The current period includes $12.3 million of backlog from Elecsys Corporation.

For earnings history and earnings-related data on Lindsay Corp. (LNN) click here.

You May Also Be Interested In

• BofA sees Micron EPS topping $230 by FY30, calls peak fears overblown
• BofA Securities Reiterates Buy Rating on Micron Technology (MU); Sees $230+ in EPS by FY30
• Huazhu Group Limited (HTHT) Tops Q2 EPS by 37c