Lindaay Corp. (LNN) Posts Q1 Miss

Lindaay Corp. (NYSE: LNN) reported Q1 EPS of $0.08, which may not compare to the analyst estimate of $0.61. Revenue for the quarter came in at $110.4 million versus the consensus estimate of $119.04 million.

Outlook

Rick Parod, President and Chief Executive Officer, commented, “The prolonged recession in agricultural markets is weighing on farmer sentiment toward capital goods purchases. Our first fiscal quarter is between selling seasons, during harvest in North America, and revenue for the period is usually not indicative of the next full season. Farmers are generally assessing results and developing planting plans for the next season during the quarter. We believe farmers are taking a wait and see approach and deferring purchases in the current environment. First quarter performance in the irrigation segment was negatively impacted by low volume and resulting cost deleverage in our operations. The infrastructure segment continues to maintain solid performance as market activity reflects improving demand.”

Parod continued, “As the agricultural down cycle extends, weakness in demand for irrigation equipment is expected to continue. Accordingly, we are continuing to assess and take action on appropriate expense reductions. The longer-term drivers for our markets of population growth, expanded food production and efficient water use, and infrastructure upgrades and expansion support our expectations for growth.”

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

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