Lindaay Corp. (LNN) Tops Q3 EPS by 7c, Offers Outlook

Lindaay Corp. (NYSE: LNN) reported Q3 EPS of $1.02, $0.07 better than the analyst estimate of $0.95. Revenue for the quarter came in at $151.5 million versus the consensus estimate of $145.44 million.

Outlook

Rick Parod, President and Chief Executive Officer, commented, “Irrigation segment results for the third quarter reflect a level of stabilization in the U.S. irrigation equipment market, a continued recovery in Brazil, and increased project activity in developing international markets. Irrigation operating margin performance in the U.S. continues to benefit from the strength and growth of our technology products. Stronger infrastructure segment results for the quarter reflect continued growth and performance of our global Road Zipper business, as well as international market growth for our road safety products.”

Parod continued, “Grower sentiment in the U.S. is showing signs of improvement. However, overall market conditions and demand for capital investment continue to be constrained by lower commodity prices and farm income. Absent a sustainable upturn in commodity prices, we expect irrigation growth opportunities to come primarily from international markets in the near term. 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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