NEW YORK (TheStreet) -- Lindsay Corp. (LNN), a leading provider of irrigation systems and infrastructure products, announced results for its second quarter ended February 28, 2014, before today's market open.
The company said second quarter fiscal 2014 revenues were $152.8 million, versus $175.5 million of revenues in the same prior year period. Net earnings were $13.5 million or $1.04 per diluted share compared with $19.4 million or $1.50 per diluted share in the prior year.
Total irrigation equipment revenues decreased 16% to $135.9 million from $162.7 million in the prior fiscal year's second quarter primarily due to lower crop prices. U.S. irrigation revenues of $92.8 million declined 21% while international irrigation revenues of $43.1 million decreased 5%.
Infrastructure revenues increased 32% to $16.9 million with increases in all of its product lines.
TheStreet Ratings team rates LINDSAY CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate LINDSAY CORP (LNN) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."