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Oct. 26, 2022 Source: Lindsay Corp. news release *Fourth quarter consolidated earnings triple to $17.9 million with EPS of $1.62 *Fourth quarter Irrigation revenues increase on strong unit volume growth in North America *Fourth quarter Infrastructure revenues increase on improved Road Zipper System® sales *Full year consolidated results reach all-time highs of $770.7 million in revenues and EPS of $5.94 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, 2022. Fourth Quarter and Full Year Summary Revenues for the fourth quarter of fiscal 2022 were $190.2 million, an increase of $36.5 million, or 24 percent, compared to revenues of $153.6 million in the prior year fourth quarter. Net earnings for the quarter were $17.9 million, or $1.62 per diluted share, compared with net earnings of $5.8 million, or $0.53 per diluted share, for the prior year fourth quarter. Revenues for the year ended August 31, 2022 were $770.7 million, an increase of $203.1 million, or 36 percent, compared to revenues of $567.6 million in the prior year. Net earnings for the year were $65.5 million, or $5.94 per diluted share, compared with net earnings of $42.6 million, or $3.88 per diluted share, for the prior year. "Demand for irrigation equipment remained strong across all geographies in our fourth quarter, particularly in North America where damage to existing systems due to severe weather in the Midwest resulted in a large increase in replacement sales. In the infrastructure business, fourth quarter revenue growth was driven by an increase in Road Zipper sales as we began delivery of a large project we had been expecting in the second half of our fiscal year," said Randy Wood, President and Chief Executive Officer. "For the full year, strong growth in our irrigation business led to record consolidated revenues of $770.7 million. We were also pleased that, through effective price management and improved operating performance, we were able to overcome the inflationary headwinds we faced earlier in the year to deliver results that met our annual operating margin objective of 12 percent." To read the entire report click here. Tweet |
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