$LNN (Lindsay Corporation)

$LNN {{ '2016-06-30T15:49:52+0000' | timeago}} • Webcast

$LNN said that 3Q16 effective income tax rate was 31.4% vs. 36.7% in 3Q15. This lower tax rate was due to higher level of earnings coming from foreign operation with tax rates lower than the US. The backlog at May 31, 2016 was $61.2MM vs. $53.2MM at May 31, 2015. The increase in backlog was from infrastructure products.

$LNN {{ '2017-07-18T12:32:02+0000' | timeago}} • Announcement

Irrigation equipment maker $LNN appointed Timothy Hassinger as president and chief executive officer and a member of its board of directors, effective October 16, 2017. Hassinger succeeds retiring President and CEO Rick Parod.

$LNN {{ '2017-06-29T15:46:40+0000' | timeago}} • Webcast

$LNN stated that order backlog at May 31, 2017 was $70.1MM, compared to $61.2MM a year ago. During the quarter, irrigation order backlog was higher YoY and infrastructure backlog was lower than the same period last year.

$LNN {{ '2017-06-29T15:39:29+0000' | timeago}} • Webcast

$LNN said the Brazilian government has announced changes in the primary financing programs for irrigation equipment, increasing the total amount of available funding and reducing interest rate from 8.5% to 7.5%, with effect from July 1. $LNN expects this to provide support for continued growth in this market.

$LNN {{ '2017-06-29T15:26:11+0000' | timeago}} • Webcast

$LNN said revenue from international irrigation markets in 3Q17 improved 2% YoY, primarily due to continuation of notable recovery in Brazil, increased project activity in developing markets, and a slightly favorable currency translation impact.

$LNN {{ '2017-06-29T11:30:14+0000' | timeago}} • Announcement

A 7% revenue growth pushed up $LNN’s 3Q17 profit to $11MM from $9.6MM a year ago. EPS moved up to $1.02 from $0.90. Infrastructure segment revenues surged 31%, contributing significantly to the top line growth. Irrigation segment revenues advanced 2%.  Lindsay expects international business to support Irrigation division growth in the near term.

$LNN {{ '2017-03-30T16:01:34+0000' | timeago}} • Webcast

$LNN said the Road Zipper system business comprises lease revenues as the company leases the machines for construction projects. $LNN has been trying to expand this lease revenue and be involved in more projects globally. The company expects that with more infrastructure spending and more projects, there will be more opportunities for leasing.

$LNN {{ '2017-03-30T15:46:08+0000' | timeago}} • Webcast

$LNN said the Brazilian market has improved. The company has seen stronger market demand and improved farmer sentiment. $LNN has also seen improved demand in the Southern African market which includes South Africa and some export regions. There is also significant project activity in Africa. $LNN is optimistic on the trends in these markets.

$LNN {{ '2017-03-30T15:28:09+0000' | timeago}} • Webcast

$LNN's Infrastructure segment revenues in 2Q17 were $17.9MM, increasing 2% over 2Q16. The increase resulted from improved demand for road safety products and from higher Road Zipper system sales and lease revenue. This segment generated operating income of $1.6MM and operating margin of 8.9% of sales in 2Q17.

$LNN {{ '2017-03-30T11:14:11+0000' | timeago}} • Announcement

Irrigation segment revenues for $LNN grew 3% to $106.2MM, even though harsh winter weather conditions in the Northwest pushed U.S. irrigation revenues down 15% to $61.5MM. Rising demand and increased activities in South American, African and the Commonwealth countries saw international irrigation revenues soar 46% to $44.7MM.

$LNN {{ '2017-03-30T11:09:29+0000' | timeago}} • Announcement

Irrigation equipment maker $LNN saw a turnaround in 2Q17 results, as it posted net earnings of $5.0MM or $0.47 per diluted share from a net loss of $4.1MM or $0.37 per diluted share. The earnings were helped by the absence of the $13.0MM environmental remediation expenses incurred in last year's results. Total revenues rose 2.9% to $124.1MM.

$LNN {{ '2017-02-08T18:01:56+0000' | timeago}} • Announcement

$LNN said its president and CEO Rick Parod has informed the BoD of his intention to retire on Dec. 1, 2017 to spend time with his family, travel and pursue other interests. The board has retained Spencer Stuart, an executive recruiting firm, to assist in the search for a CEO.

$LNN {{ '2016-12-21T16:59:19+0000' | timeago}} • Webcast

Regarding Trump's effect on infrastructure, $LNN said there is a lot of positive comments and real intention to expand infrastructure spending. The fair amount of spending would be on roads and bridges, so this impact would be beneficial and favorable for the company.

$LNN {{ '2016-12-21T16:55:21+0000' | timeago}} • Webcast

$LNN said the inventory increase is entirely coming from the International Irrigation business. The inventory is domestically comparable, but given the soft demand in 1Q17, the company got opportunities to manage its inventory to a lower level.

$LNN {{ '2016-12-21T16:34:10+0000' | timeago}} • Webcast

$LNN said the weakness in demand for irrigation equipment is expected to continue as the agricultural down cycle extends. The company plans to take actions on appropriate expense reductions. Steel costs have started to rise again and $LNN expects to pass through the cost increases to its customers.

$LNN {{ '2016-12-21T16:33:51+0000' | timeago}} • Webcast

$LNN's gross margin was 25.7% of sales compared to 28.3% of sales in a year ago, hurt by lower margin in Irrigation segment with growth in Infrastructure margin. Cash and cash equivalents at the end of 1Q17 were $103.1MM.

$LNN {{ '2016-12-21T12:04:40+0000' | timeago}} • Announcement

$LNN's Irrigation segment revenues declined 11% to $89.9MM. U.S. irrigation revenues fell 15% to $50.3MM, driven by reduction in irrigation equipment unit volume as falling commodity prices. International irrigation revenues fell 6% to $39.5MM. Infrastructure segment revenues grew 1% to $20.5MM, with increased sales volume in road safety products.

$LNN {{ '2016-12-21T12:04:09+0000' | timeago}} • Announcement

$LNN posted 1Q17 earnings of $0.9MM, or $0.08 per diluted share, down 87% from a year ago. Operating revenues declined 9% to $110.4MM and operating income declined 77% to 2.7MM. The backlog of unshipped orders at Nov. 30, 2016 was $55.9MM, driven by a lower backlog in US irrigation.

$LNN {{ '2016-10-13T17:08:21+0000' | timeago}} • Webcast

$LNN reported that revenues from Brazil declined in 4Q16 compared to the same quarter last year. The company hasn't seen recovery in Brazil revenues. $LNN added that it has not yet realized the improved farmer sentiment and some recovery indications seen in Brazil.

$LNN {{ '2016-10-13T16:56:28+0000' | timeago}} • Webcast

For FY17, $LNN expects its capital expenditures to be $15-20MM. A portion of this amount will be spent for maintenance and replacement related expenses. The company targets for productivity improvements and capacity expansion in certain geographical markets.

$LNN {{ '2016-10-13T16:50:45+0000' | timeago}} • Webcast

$LNN did not repurchase any shares in 4Q16 to reassess the market conditions, its cash position and alternative uses for cash. In FY17, the company plans to repurchase its shares opportunistically. $LNN added that it is also looking for water-related acquisitions that will add value to the company.

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