Lindsay reports Q3 EPS $1.85, consensus $1.17

Reports Q3 revenue $139.2M, consensus $144.36M. “Market conditions in our irrigation segment continue to weigh on farmer sentiment, resulting in demand softness. In North America, high precipitation levels and wet field conditions across the Midwest contributed to lower sales of irrigation equipment and replacement parts during our third quarter,” said CEO Randy Wood. …The growth and margin expansion we achieved in our infrastructure business for the quarter helped to offset some of the softness in the irrigation business. Earlier this month we announced that we had entered into a multi-year supply agreement to provide Zimmatic irrigation systems and FieldNET remote management and scheduling technology to a significant customer in the Middle East and North Africa region. The project, valued at more than $100M, is the largest in Lindsay’s history and further demonstrates our ability to execute large-scale and complex projects that address the critical needs of our customers…During Q3 we also completed share repurchases totaling $17.9M, which aligns with our capital allocation priorities to utilize our strong balance sheet to enhance shareholder value. Additionally, this further demonstrates our ability to both invest in value creation opportunities, including the $50M investment in Lindsay, Nebraska announced earlier this year, while also returning cash to shareholders at opportune times.”