• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Lindsay Corporation Reports 9% Revenue Decrease in Q2 FY 2024, Reaching $151.5 Million

user avatar

by Giorgi Kostiuk

a year ago


The global leader in irrigation and infrastructure solutions, Lindsay Corporation, announced its financial results for the second quarter of fiscal year 2024, ending February 29, 2024. Despite facing changing market conditions, the company reported a total revenue of $151.5 million, showing a decline of 9% compared to the same period last year.

This decrease was mainly due to lower revenues in the irrigation segment. However, there was a positive impact from an improved sales mix and better infrastructure results, particularly with increased lease revenues from the Road Zipper System. Despite challenges, Lindsay Corporation maintained steady net earnings of $18.1 million, with diluted earnings per share rising slightly to $1.64 from $1.63 in the previous year's quarter.

Lindsay Corporation Misses Revenue Expectations for Fiscal Q2

The company's performance in the quarter fell short of market expectations, with projected earnings per share of $1.56 and revenue of $172.06 million. Lindsay Corp. reported earnings per share of $1.64 and revenue of $151.52 million for the quarter.

The decrease in revenue can be linked to a significant drop in irrigation demand in Brazil, balanced by stable demand in North America. The agriculture sector in Brazil faced challenges due to lower commodity prices and reduced crop yields, impacting grower profitability and investment capacity. In contrast, the North American market remained strong, benefiting from solid farm profits from the previous year.

The infrastructure segment offered some positive news with margin expansion, driven by the growth in the Road Zipper System leasing business, leading to a more favorable revenue mix.

Lindsay Corporation Expects Decline in US Net Farm Income for 2024

Looking forward, Lindsay Corporation provided guidance reflecting challenges and opportunities. With the expected decline in U.S. net farm income for 2024 as per USDA projections, demand for irrigation equipment in the remaining fiscal year could be affected.

This outlook is worrying as it is below broader market expectations, indicating possible challenges for the agriculture sector. Nonetheless, Lindsay is optimistic about growth prospects in South America, particularly in Brazil, although current market conditions may impact demand in the short term.

On a positive note, the infrastructure segment is poised for growth, driven by anticipated increases in U.S. infrastructure spending and continued expansion of Road Zipper System lease revenues. However, the timing of project sales remains uncertain due to various execution variables.

Disclaimer: The author does not hold or have a position in any securities discussed in the article.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Yapı Kredi Bank Introduces Cryptocurrency Trading Services in Turkey

chest

Yapı Kredi Bank officially announces the launch of a cryptocurrency trading platform, marking a significant development for Turkey's financial landscape.

user avatarGiorgi Kostiuk

Bitcoin Solaris Launches Nova App; BlockDAG’s X1 Miner Surpasses 2 Million Users

chest

Bitcoin Solaris launches Nova app, while BlockDAG's X1 miner has attracted 2 million users.

user avatarGiorgi Kostiuk

Bitcoin Hits Record High: New Peak at $113,700 Driven by Institutional Investments

chest

Bitcoin reached a new high of $113,700 due to institutional inflows and political factors.

user avatarGiorgi Kostiuk

Impact of US Dollar on Global Financial System in Q1 2023

chest

Exploring the factors affecting US Dollar reserves in Q1 2023 and their significance for the global economy.

user avatarGiorgi Kostiuk

Prospects of Solana and Success of Mutuum Finance in DeFi

chest

Solana is gaining momentum, approaching the $180 mark, while Mutuum Finance is successfully conducting its presale.

user avatarGiorgi Kostiuk

ChainCatcher Hosts Discussion on AI and Cryptocurrency Trends

chest

The ChainCatcher event focused on the synergy between AI and cryptocurrency, market impacts, and future trends.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.