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Lindsay inches down on soft irrigation demand

Published 01/08/2019, 07:49 AM
© Reuters.  Lindsay inches down on soft irrigation demand
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  • Adjusted net earnings for FQ1 were $4.1M, or $0.38 per diluted share.
  • Total irrigation equipment revenues decreased 15% to $87.6M from the same quarter a year ago. North American irrigation revenues +5% to $56.5M. Infrastructure segment revenues +15% to $24.3M (NYSE:MMM).
  • Backlog of unshipped orders at November 30, 2018 was $48.9M vs. $80.3M in the prior year.
  • "Market headwinds in North America constrained demand for irrigation equipment in FQ1; however disciplined price management in response to higher input costs led to revenue growth for the quarter,” said CEO Tim Hassinger. "We continue to make progress on our Foundation for Growth initiative, and during the quarter we completed the last of our previously announced divestitures."
  • LNN -0.2% premarket
  • FQ1 results
  • Now read: Deere: Quality Pays Off In The Long Run


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