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

Stocks in this article: LNN

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.

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