Lindaay Corp. (LNN) Tops Q2 EPS by 8c

Lindaay Corp. (NYSE: LNN) reported Q2 EPS of $0.47, $0.08 better than the analyst estimate of $0.39. Revenue for the quarter came in at $124.1 million versus the consensus estimate of $119.12 million.

Outlook

Rick Parod, President and Chief Executive Officer, commented, “In the irrigation segment, orders and project levels improved in the second quarter after experiencing a slow start to the year in the first quarter. Strong sales growth in international irrigation reflects improving demand and increased project activity. I am pleased with the U.S. irrigation gross margin improvement achieved, especially in view of raw material inflation experienced in the quarter. In the infrastructure segment, second quarter revenues were modestly improved over the prior year in a seasonally lower period, and we continue to see improved operating performance in the segment.”

Parod continued, “We are currently in the midst of the primary selling season for irrigation equipment in North America where overall market conditions, affected by lower commodity prices and reduced farm incomes, are resulting in seasonal demand similar to the prior year. I am encouraged by the improving activity levels we are seeing in the international irrigation and infrastructure markets. The longer-term drivers for our markets of population growth, expanded food production and efficient water use, and infrastructure upgrades and expansion support our expectations for growth.”

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

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