- Lindsay Corp LNN reported third-quarter FY22 operating revenue growth of 32% year-over-year to $214.3 million, beating the consensus of $188.95 million.
- EPS improved to $2.28 from $1.61 in 3Q21, above the consensus of $1.60.
- Gross margin expanded by 158 bps to 28.8%. The operating income increased by 64.7% Y/Y to $35.16 million, and margin expanded by 323 bps to 16.4%.
- Lindsay's net cash used in operating activities year-to-date totaled $(24.93) million, compared to cash generated $30.66 million a year ago.
- As of May 31, 2022, the backlog of unfilled orders totaled $98.3 million versus $120.8 million a year ago.
- "Global agriculture market fundamentals remain positive; however, grower sentiment in the U.S. is being tempered somewhat by inflationary pressures they are experiencing with their input costs and operational expenses. We continue to see increased activity levels in international project markets as concerns over food security and global grain supplies have been heightened by the ongoing conflict between Russia and Ukraine," commented CEO Randy Wood.
- "In the infrastructure business, we expect to complete delivery of the Road Zipper System project that began in the third quarter, and we also expect to begin delivery of another significant project in the fourth quarter. We remain optimistic regarding growth opportunities for this business based on the quality of our sales funnel and increasing commercial activity," he added.
- Price Action: LNN shares are trading higher by 6.27% at $129.38 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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