Lindsay Corporation, based in Omaha, Nebraska, reported strong fiscal second-quarter earnings despite lower revenue. The manufacturer and distributor of irrigation and infrastructure equipment saw $18.1 million, or $1.63 a share, in earnings for the three-month period ended February 28th, a 24% increase from the prior year’s $14.6 million, or $1.32 per share. This marked a substantial jump from the estimated earnings of $1.53 a share. Total revenue, however, declined 17%, to $166.2 million, from $200.1 million the previous year.
The decrease in Lindsay’s irrigation business was attributed to a lack of international projects, as well as seasonal volume shifts in North America and Brazil. Despite this, the company was able to bolster its margins due to commercial pricing actions and reduced inflationary pressure.
Bob Henderson is a writer for the Wall Street Journal who reported on Lindsay’s second quarter earnings on Tuesday. A veteran news reporter, Henderson has worked for the Wall Street Journal since 2016 and specializes in breaking news and investigative pieces, with a focus on the financial sector.
Lindsay Corporation, founded in 1947, specializes in manufacturing and distributing irrigation and infrastructure equipment for around the world. The company has become a leader in the space, leveraging cutting-edge technology to maintain a competitive edge in their market. Additionally, their irrigation products help farmers and landowners save resources, such as water and energy, while also boosting crop yields. Lindsay sees a promising future in their agricultural equipment, which they hope will bring the highest value to their customers.