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NEW YORK - Lindsay Corporation (NYSE:LNN) reported better-than-expected fiscal third quarter results, driven by strong growth in its international irrigation business.
The company’s stock rose 1.97% in pre-market trading following the earnings release.
The irrigation equipment manufacturer posted adjusted earnings per share of $1.78, surpassing analyst estimates of $1.41. Revenue for the quarter came in at $169.5 million, exceeding the consensus forecast of $157.87 million.
Lindsay’s international irrigation segment was the standout performer, with revenues surging 60% year-over-year to $74.7 million. The company attributed this growth primarily to a large project in the Middle East and North Africa region, as well as higher sales volumes in Brazil and other parts of South America.
"Continued strength in our international irrigation business, supported by ongoing project revenues in the MENA region, led to strong irrigation revenue growth for the quarter and a 22% increase in our overall revenues compared to last year," said Randy Wood, President and Chief Executive Officer.
North America irrigation revenues edged up 1% to $69.1 million, showing resilience despite market uncertainty related to tariffs and potential disruption of U.S. grain exports. The infrastructure segment also saw a 6% revenue increase to $25.7 million.
Operating income rose 19% to $23.8 million, though net earnings dipped 4% to $19.5 million due to a one-time tax credit in the prior year period.
Looking ahead, Wood noted that severe drought conditions developing in parts of the Midwest may boost replacement parts sales in the near-term. He expressed confidence in international project opportunities to address food security needs in developing markets.
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