Originally published at www.seclive.com
Lindsay Corporation (NYSE:LNN) announced its financial results for the second fiscal quarter 2014, posting earnings that fell from the year-ago period. The irrigation equipment maker reported earnings that fell from $19.4M and $1.50 per share to $13.5M and $1.04 per share, missing analyst expectations of $1.13 per share. Revenue of $152.8M missed analyst predictions of $162.9M and was down from $175.5M in the year-ago quarter. U.S. irrigation revenue fell 21% to $92.8M while international revenues fell 5% to $43.1M. Overall irrigation equipment revenues fell 16% from $162.7M to $135.9M, attributed primarily to lower crop prices while infrastructure revenues jumped 32% to $16.9M. President and CEO Rick Parod commented that the company is focused on managing margins and momentums while contending with political issues in Russia and the Ukraine that will impact its international revenue.
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