Lindaay Corp. (NYSE: LNN) reported Q3 EPS of $0.90, $0.09 worse than the analyst estimate of $0.99. Revenue for the quarter came in at $141.3 million versus the consensus estimate of $148.43 million.

Cash and cash equivalents of $91.5 million at the end of the quarter were $47.6 million lower than at our fiscal year end August 31, 2015. The Company repurchased 219,578 shares for $16.1 million during the third quarter and a total of 688,790 shares for $48.3 million during the first nine months of fiscal 2016. There is $63.7 million that remains available under the Company’s share repurchase program.

The backlog of unshipped orders at May 31, 2016 was $61.2 million compared with $53.2 million at May 31, 2015 and $52.6 million at February 29, 2016. The increase in order backlog is primarily coming from the infrastructure segment, with higher backlogs in both Road Zipper and road safety product lines.

Outlook

Rick Parod, president and chief executive officer, commented, “Irrigation results reflect continued headwinds from low commodity prices and farm income. We are also managing through the challenge of recent increases in raw material costs by passing along the cost of those increases in the market. Activity in the infrastructure market is beginning to show improvement, and we continue to be encouraged by the improved performance of our infrastructure business.”

Parod continued, “We are at the early stages of the growing season in the U.S., and while commodity prices have increased during the quarter, yields from the current growing season and where commodity prices settle in the fall will be more important in terms of grower sentiment and incentive for capital investment. Although the current environment continues to be constrained, the longer term drivers for our markets of population growth, expanded food production, efficient water use and infrastructure upgrades and expansion remain positive.”

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