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Lindsay Management Discusses Q3 2012 Results - Earnings Call Transcript

Stocks in this article: LNN

For the third quarter of fiscal 2012, international irrigation revenues decreased 12% to $44 million. As we've noted in the past, revenues in the developing markets are often more project-based and therefore tend to be less linear. Revenues in China reflected the largest regional variance due to delays in a provincial government tender. However, we anticipate China revenues to recover in the fourth quarter. Irrigation quoting activity in our international markets remain strong, and we expect that these markets will continue to be a source of growth in both the near and long-term.

For the first 9 months of fiscal 2012, irrigation segment revenues increased 32% to $367.3 million. U.S. irrigation revenues were $249.1 million, increasing 39% while international irrigation revenues increased 20% to about $118.2 million, even with the delays in China revenue. Infrastructures segment revenues were $22.5 million, decreasing $4 million or 15% from the third quarter of last year due primarily to lower road safety and rail product sales. On the lower revenue base, infrastructure operating margins improved to 6.4% of revenues compared to 4.1% last year, reflecting actions taken in recent quarters to reduce product costs and operating expenses.

QMB system sales were slightly lower than the same quarter last year, and we have continued to experience delays in anticipated projects. However, it is, as noted in a recent press report by the Golden Gate Bridge Highway and Transportation District, which indicated plans to move forward with movable barrier on the Golden Gate Bridge in 2013, interest continues for our QMB system and for overall solution to traffic congestion and enhancing highway workers' safety. We continue to be encouraged by the long-term opportunities in our infrastructure business.

Year-to-date, infrastructure revenues were $56.1 million, a decrease of 33% due primarily to the decreasing QMB system sales for large infrastructure projects. Gross profit was $49 million or 28.5% of sales for the third quarter versus $41.5 million or 27% in the same quarter last year. Total gross margins increased in both our irrigation and infrastructure segment. Irrigation gross margin gains reflected favorable sales mix, while infrastructure gross margins improved as a result of improved pricing and road safety and diversified products, along with continued efforts to lower manufacturing costs.

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