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1ST HALF: LINDSAY CORP'S REVENUES UP 45%, EARNINGS UP 34%
Source: Lindsay Corp. news release

*Second quarter consolidated revenues increase 39 percent to $200.1 million with EPS of $1.32

*Irrigation revenues increase 52 percent on continued strength in agricultural markets and favorable pricing

*Infrastructure revenues decrease 23 percent on lower Road Zipper System sales

OMAHA, Neb. - Lindsay Corporation (NYSE: LNN), a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, today announced results for its second quarter of fiscal 2022, which ended on February 28, 2022.

Second Quarter Summary

Revenues for the second quarter of fiscal 2022 were $200.1 million, an increase of $56.6 million, or 39 percent, compared to revenues of $143.6 million in the prior year second quarter. Net earnings for the quarter were $14.6 million, or $1.32 per diluted share, compared with net earnings of $11.9 million, or $1.08 per diluted share, for the prior year second quarter.

"Global agricultural market conditions continue to be favorable and have contributed to an increase in demand for our irrigation equipment," said Randy Wood, President and Chief Executive Officer. "At the same time, the effects of the global pandemic continue to impact our business and create operational challenges.

"During the quarter we experienced a short-term disruption in labor availability in our Nebraska manufacturing facility due to an increase in employee absences caused by the Omicron variant. Our teams have continued to prioritize safety and manage well in this dynamic environment, and we were pleased to see absences decline as we completed the quarter."

To read the entire report click here.


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