LNN - Why Manufacturing Company Lindsay's Shares Are Rocketing Today | Benzinga
Lindsay Corp's (NYSE: LNN) shares are trading higher by over 23% after it reported Q4 FY23 results.
Lindsay, a global manufacturer and distributor of irrigation and infrastructure equipment and technology, reported revenue of $167.1 million, surpassing the consensus of $157.8 million. Revenue declined 12% Y/Y owing to the infrastructure segment due to the absence of the prior year's Road Zipper System projects.
Irrigation segment revenue declined by 5% to $143.6 million on a decline in North America (-25% Y/Y) on lower unit sales volumes.
The company's operating income fell 16% Y/Y to $23.4 million, with margin contracting to 14.0% vs. 14.6% a year ago.