This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Lindsay Corporation Reports Fiscal 2012 Second Quarter Results

Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced results for its second quarter ended February 29, 2012.

Second Quarter Results

Second quarter fiscal 2012 total revenues of $132.1 million increased 10 percent from $120.2 million in the same prior year period. Net earnings were $12.8 million or $1.00 per diluted share compared with $11.3 million or $0.89 per diluted share in the prior fiscal year’s second quarter.

Total irrigation equipment revenues increased 28 percent to $117.0 million from $91.7 million in the prior fiscal year’s second quarter. Domestic irrigation revenues of $82.9 million increased 25 percent, while international irrigation revenues of $34.1 million increased 36 percent as compared to the same prior year period. Infrastructure revenues decreased 47 percent to $15.1 million due mostly to lower sales and leases of Quick-Change Moveable Barrier (QMB) systems.

Gross margin was 27.6 percent compared to 28.3 percent in the prior year’s second quarter. Total gross margins were lower primarily due to lower revenues of higher-margin QMB product as compared to the same period last year. Irrigation gross margins improved compared to the same quarter last year due to cost leverage and productivity gains on higher sales volumes. Infrastructure gross margins declined compared to the year ago period, but improved excluding QMB.

Operating expenses were $17.5 million in the quarter compared to $16.9 million in the second quarter of the prior fiscal year. The primary elements of the expense increase related to an acquired company purchased in fiscal 2011 and personnel related costs. Operating expenses were 13.3 percent of sales in the second quarter of 2012 compared with 14.1 percent of sales in the prior year period. Operating margins of 14.3 percent increased slightly from 14.2 percent in the prior year period.

Cash and cash equivalents of $105.0 million were $26.5 million higher compared with the end of the second quarter last year, while debt decreased $4.3 million over the same period.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,136.08 -36.60 -0.21%
S&P 500 1,991.80 -2.49 -0.12%
NASDAQ 4,529.28 +1.5910 0.04%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs