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FULL YEAR: LINDSAY CORP'S REVENUES UP 20%, EARNINGS UP 10%
Oct. 22, 2021
Source: Lindsay Corp. news release
OMAHA, Neb. - Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its fourth quarter and fiscal year, which ended on August 31, 2021.
Fourth Quarter and Full Year Summary
Revenues for the fourth quarter of fiscal 2021 were $153.6 million, an increase of $25.2 million, or 20 percent, compared to revenues of $128.4 million in the prior year fourth quarter. Net earnings for the quarter were $5.8 million, or $0.53 per diluted share, compared with net earnings of $14.7 million, or $1.35 per diluted share, for the prior year fourth quarter. Net earnings for the quarter were reduced by an after-tax LIFO impact of approximately $4.5 million, or $0.41 per diluted share.
Revenues for the year ended August 31, 2021, were $567.6 million, an increase of $93.0 million, or 20 percent, compared to revenues of $474.7 million in the prior year. Net earnings for the year were $42.6 million, or $3.88 per diluted share, compared with net earnings of $38.6 million, or $3.56 per diluted share, in the prior year.
"Fiscal 2021 was an extraordinary year in which our team demonstrated agility and resiliency in the face of the ongoing global pandemic," said Randy Wood, President and Chief Executive Officer. "We were able to capitalize on market tailwinds in irrigation while navigating persistent headwinds created by pandemic-related project delays in our infrastructure business, significant raw material inflation, logistics challenges, and a tight labor market. We also remained highly focused on innovation, maintaining strong organizational health and safety, and increasing our commitment to sustainability initiatives."
To read the entire report click here.
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