Lindsay 4Q profit drops 81 pct, sales tumble
OMAHA, Neb. (AP) -- Lindsay Corp., which makes irrigation systems, said Wednesday that its profit in the fiscal fourth quarter dropped 81 percent on a 50 percent decline in revenue as farmers continue to shy away from investing in new equipment.
The company reported a profit of $2.1 million, or 17 cents per share, for the quarter ending Aug. 31 compared to $11.3 million, or 90 cents per share, a year earlier.
Revenue fell to $73.4 million from $147.2 million in the year-ago period.
Analysts polled by Thomson Reuters were expecting a profit of 35 cents per share on higher revenue of $85.9 million.
Rick Parod, Lindsay's president and chief executive, said farmers continued to remain cautious about making investments in capital goods.
For the full fiscal year, Lindsay earned $13.8 million, or $1.11 per share, compared to $39.4 million, or $3.20 per share, a year earlier. Annual revenue fell 29 percent to $336.2 million from $475.1 million.
http://finance.yahoo.com/news/Lindsay-4Q-profit-drops-81-apf-4071192906.html?x=0&.v=1
The company reported a profit of $2.1 million, or 17 cents per share, for the quarter ending Aug. 31 compared to $11.3 million, or 90 cents per share, a year earlier.
Revenue fell to $73.4 million from $147.2 million in the year-ago period.
Analysts polled by Thomson Reuters were expecting a profit of 35 cents per share on higher revenue of $85.9 million.
Rick Parod, Lindsay's president and chief executive, said farmers continued to remain cautious about making investments in capital goods.
For the full fiscal year, Lindsay earned $13.8 million, or $1.11 per share, compared to $39.4 million, or $3.20 per share, a year earlier. Annual revenue fell 29 percent to $336.2 million from $475.1 million.
http://finance.yahoo.com/news/Lindsay-4Q-profit-drops-81-apf-4071192906.html?x=0&.v=1
Posted by Colvin & Co. at 10/22/2009 7:15 AM 
Categories: Agriculture Companies
Tags: agriculture irrigation
Categories: Agriculture Companies
Tags: agriculture irrigation
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