In the third quarter of fiscal 2012, we continue to see strong U.S. irrigation equipment demand, which drove revenues in the quarter to a record $172.1 million, 12% higher than last year. Irrigation sales gains and gross margin improvements across both of our business segments led to strong cash flows and higher operating margins in the quarter. Net earnings were $18.8 million or $1.47 per diluted share compared with $15.3 million or $1.20 per diluted share from the prior year's third quarter. Operating margins increased to 16.7% compared to 15.1% in the same quarter last year.Total revenues for the first 9 months of fiscal 2012 were a record high of $423.4 million, increasing 17% from the same period last year. Net earnings for the first 9 months were $34.5 million or $2.70 per diluted share compared to $30.9 million or $2.44 per diluted share for the first 9 months of fiscal 2011. Year-to-date 2012 results included a $7.2 million accrual for environmental remediation at our Lindsay, Nebraska facility. Excluding the environmental accrual, net earnings for the first 9 months of fiscal 2012 were $3.07 per diluted share, and operating margin improved to 14.2% compared to 13.2% in the same period last year.
Lindsay Management Discusses Q3 2012 Results - Earnings Call Transcript
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