This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Lindsay Corporation Reports Fiscal 2013 Second Quarter Results

Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, today announced results for its second quarter ended February 28, 2013.

Second Quarter Results

Second quarter fiscal 2013 revenues were a record $175.5 million, increasing 33 percent from $132.1 million in the same prior year period. Net earnings were $19.4 million or $1.50 per diluted share compared with $12.8 million or $1.00 per diluted share in the prior year.

Total irrigation equipment revenues increased 39 percent to $162.6 million from $117.0 million in the prior fiscal year’s second quarter. Domestic irrigation revenues of $117.1 million increased 41 percent, while international irrigation revenues of $45.5 million increased 34 percent due to increased demand resulting from higher commodity prices and farm incomes along with drought conditions in the United States. Infrastructure revenues decreased 15 percent to $12.9 million.

Gross margin was 28.7 percent compared to 27.6 percent in the prior year’s second quarter. The increase is primarily due to an increase in irrigation gross margins of approximately 1 percentage point due to a strong pricing environment combined with increased productivity and cost leverage.

Operating expenses were $20.9 million compared to $17.5 million in the prior fiscal year. Current year expenses included higher personnel related expenses and increases in advertising and research and development expenses. Operating expenses were 11.9 percent of sales in the second quarter of fiscal 2013 compared with 13.3 percent of sales in the prior year period. Operating margins of 16.8 percent increased from 14.3 percent in the prior year period.

Cash and cash equivalents of $159.6 million were $54.6 million higher compared to the end of the second quarter last year, while debt decreased $4.3 million.

Backlog of unshipped orders at February 28, 2013 was $159.3 million compared with $87.3 million at February 29, 2012 and $85.1 million at November 30, 2012. Current year backlog includes strong domestic irrigation volume along with a $39.1 million contract in the Middle East consisting of irrigation machines and ancillary equipment that will be shipped and delivered primarily over the balance of fiscal 2013.

1 of 4

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,096.90 -106.47 -0.58%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs