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.
Lindsay Management Discusses Q3 2012 Results - Earnings Call Transcript
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