LNN - Lindsay Earnings Top Estimates in Q3 Revenues Dip Y/Y | Benzinga
Lindsay Corporation (NYSE: LNN) delivered adjusted earnings per share of $1.41 in third-quarter fiscal 2024 (ended on May 31, 2024), beating the Zacks Consensus Estimate of $1.25. The bottom line fell 8% year over year.
Including an income tax credit of 44 cents per share, earnings per share in the quarter were $1.85.
Lindsay generated revenues of $139 million, down 15.4% from the $165 million reported in the year-ago quarter. The top line missed the Zacks Consensus Estimate of $152 million.
The company's backlog as of May 31, 2024, was $246.9 million compared with $94.5 million as of May 31, 2023.
Lindsay Corporation Price, Consensus and EPS Surprise
Lindsay Corporation price-consensus-eps-surprise-chart | Lindsay Corporation Quote
Operational Update
The cost of operating revenues fell 16.7% year over year to $93 million. Gross profit decreased 12.8% to $46.5 million from the year-earlier quarter. The gross margin was 33.4% compared with the year-ago quarter's 32.4%.
Operating expenses were $26.6 million in the fiscal third quarter, up 1.1% year over year. Operating income was $20 million, down from the prior-year quarter's $27 million.
Segmental Results
The Irrigation segment's revenues fell 19% year over year to around $115 million in the fiscal third quarter. North America irrigation revenues decreased 9% from the year-ago quarter to $68 million due ...