Lindsay (LNN) Q3 Earnings Miss On Higher Operating Costs
Zacks Investment Research | Jun 30, 2016 09:45PM ET
Lindsay Corporation’s (NYSE:LNN) third-quarter fiscal 2016 (ended May 31, 2016) adjusted earnings declined 18% year over year to 90 cents per share, falling short of the Zacks Consensus Estimate of 97 cents. Shares of Lindsay dipped around 1.45% to close at $67.86 yesterday.
The irrigation equipment manufacturer reported revenues of $141 million, which fell short of the Zacks Consensus Estimate of $148 million. Revenues also decreased around 12% from $161 million in the prior-year quarter.
U.S. irrigation revenues fell 18% year over year to $73.4 million due to lower unit volume and reduced market pricing. International irrigation revenues rose 4% to $44 million, including a 4% unfavorable currency impact. While sales improved in several markets, Brazil and other markets witnessed declines. Total irrigation equipment revenues declined 11% year over year to $117 million.
On the other hand, infrastructure revenues deteriorated 18% to $24 million as relatively flat sales in road safety products were offset by lower Road Zipper System project sales compared with the prior year.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.