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OMAHA, Neb. - Lindsay Corporation (NYSE: NYSE:LNN) reported fiscal second quarter earnings that surpassed analyst expectations on Thursday, driven by robust growth in international irrigation and infrastructure segments.
Lindsay’s stock was unchanged in premarket trading following the earnings release.
The irrigation equipment manufacturer posted earnings per share of $2.44 for the quarter ended February 28, 2025, significantly beating the analyst estimate of $1.79. Revenue came in at $187.1 million, also topping the consensus forecast of $174.5 million.
Lindsay’s total revenue increased 23% year-over-year, with international irrigation revenue jumping 42% to $71.0 million. The infrastructure segment saw revenues more than double to $38.9 million, primarily due to the completion of a large Road Zipper System project.
"Strength in international irrigation more than offset expected softness in the North America irrigation market, driving overall irrigation revenue growth in our fiscal second quarter," said Randy Wood, President and CEO of Lindsay.
Net earnings for the quarter rose 47% to $26.6 million compared to $18.1 million in the prior year period. Operating margin expanded to 17.2% from 14.6% a year ago.
The company’s backlog stood at $127.0 million as of February 28, up from $94.2 million a year earlier, mainly attributed to a large irrigation project in the Middle East and North Africa region.
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