Net earnings for the quarter were $7.9 million, or $0.72 per diluted share, compared with net earnings of $7.1 million, or $0.65 per diluted share, for the prior year first quarter.
Revenues for the fourth quarter of fiscal 2021 were $153.6 million, an increase of $25.2 million, or 20%, compared to revenues of $128.4 million in the prior year fourth quarter.
Revenues for the third quarter of fiscal 2021 were $161.9 million, an increase of $38.8 million, or 32%, compared to revenues of $123.1 million in the prior year third quarter.
Revenues for the second quarter of fiscal 2021 were $143.6 million, an increase of $29.8 million, or 26%, compared to revenues of $113.8 million in the prior year second quarter.
Following a 2018 reversal in declining revenues from sales of irrigation equipment, managers at Lindsay Corp. (NYSE: LNN) had to report a 2019 return to the downward trend that has seen revenues fall $100 million over the past 5 years.
Revenues for the fourth quarter of fiscal 2018 were $123.3 million, a decrease of 7% compared to revenues of $131.9 million in the prior year’s fourth quarter.
“It was a disappointing operating quarter, as tepid irrigation volumes continue to weight on the top-line earnings,” is how C. Schon Williams, analyst for BB&T Capital Markets, described Lindsay Corp.’s most recent earnings release.
While improving year-over-year revenues by 16.1%, Lindsay Corp.’s weak domestic sales of irrigation systems appears to setting the tone for continuing soft business levels going into its new fiscal year.
While sales were up, Lindsay notes increased rainfall across the Corn Belt diminished the favorable impact of drought conditions on irrigation equipment demand over the past 12 months. The concern has now switched to the impact of delayed plantings and crop yields on crop prices and farm incomes.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, we take an initial look at the Dealer Business Outlook & Trends Report and what dealers are forecasting for 2025.