This Day On The Street
Continue to site
ADVERTISEMENT
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

Lindsay's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Revenues for the second quarter of fiscal 2012 were $132.1 million, increasing 10% over the same quarter last year. During the quarter, we continue to achieve global growth in irrigation equipment revenues over the same period last year. However, some of that growth was offset by significantly lower infrastructure revenues primarily due to lower QMB project sales. Net earnings were $12.8 million or $1 per diluted share in the quarter compared with $11.3 million or $0.89 per diluted share in the prior year second quarter. Operating margins increased slightly to 14.3% from 14.2% last year.

Total revenues for the first 6 months of fiscal 2012 were $251.3 million, increasing 20% from the same period last year. Net earnings for the first 6 months were $15.7 million or $1.23 per diluted share, approximately equal to the first half of fiscal 2011. However, the first half of fiscal 2012 includes a $7.2 million accrual for environmental remediation at our Lindsay, Nebraska facility recorded in the first quarter of fiscal 2012. Excluding the environmental accrual, operating margin improved to 12.4% for the first half of the fiscal year compared to 11.6% in the previous year. And net earnings increased to $1.60 compared to $1.27 per diluted share for the same period last year.

In U.S. irrigation market, revenues were $82.9 million for the second quarter, increasing 25% over the same period last year. In the international irrigation market, revenues increased 36% to $34.1 million. Revenues increased in nearly all of U.S. and international regions with the most notable international growth in the Middle East, Canada, Europe and Latin America. For the first 6 months of fiscal 2012, U.S. irrigation revenues were $143.5 million, increasing 39% over the first half of last year. We are now in the midst of our primary irrigation selling season in the Northern Hemisphere, and quote and order activities are significantly more robust than the same time last year. In the international markets, revenues were $74.2 million for the first 6 months of fiscal 2012, increasing 53% over the first half of last year.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs