Lindsay (LNN) Misses Q2 EPS by 60c

Lindsay (NYSE: LNN) reported Q2 EPS of $0.02, $0.60 worse than the analyst estimate of $0.62. Revenue for the quarter came in at $109.2 million versus the consensus estimate of $115.43 million.

“North America irrigation sales volumes were significantly lower than anticipated as the unresolved US-China trade dispute contributed to a further decline in farmer sentiment,” said Tim Hassinger, President and Chief Executive Officer. “Along with that, lower Road Zipper System® sales contributed to a disappointing quarter. We were however pleased to see an increase in our international irrigation sales compared to the prior year.”

Outlook

“Impacts of the recent widespread flooding in the Midwest are unknown at this time, and we don’t expect to see meaningful improvement in farmer sentiment while the U.S-China trade uncertainty persists,” said Mr. Hassinger. “We expect market conditions in Brazil to continue improving and international project markets to remain active.”

Mr. Hassinger added, “I’m encouraged by the early signs of success we are seeing in our Road Zipper System strategy to be more involved in the planning stage of major highway construction projects, and we expect to see additional sales and leasing opportunities as a result.”

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

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