Lindsay Corp beats Street on irrigation equipment demand
(Reuters) - Agriculture equipment maker Lindsay Corp (LNN.N) reported a 23 percent jump in quarterly net profit that also beat analysts' estimates on strong demand for its irrigation equipment in the United States.
Net income rose to $18.8 million, or $1.47 per share, in the third quarter, from $15.3 million, or $1.20 per share, last year.
Total revenue for the company -- which competes with Astec Industries Inc (ASTE.O), Cascade Corp (CAE.N) (CAE.TO) and Toro Co (TTC.N) -- increased 12 percent to $172.1 million.
Analysts on average had expected earnings of $1.36 per share, before special items, on revenue of $166.2 million, according to Thomson Reuters I/B/E/S.
Lindsay's domestic irrigation revenue increased 38 percent to $105.6 million.
Gross margins climbed to 28.5 percent from 27 percent.
Lindsay's backlog of unshipped orders at May 31 increased about 3 percent from a year earlier.
Shares of the company, which has a market value of about $715 million, closed at $56.27 on Tuesday on the New York Stock Exchange.
(Reporting by Ritika Rai in Bangalore; Editing by Maju Samuel)