Lindsay Corp. has a market cap of $793.6 million; its shares were traded at around $63.48 with a P/E ratio of 34.6 and P/S ratio of 2.2. The dividend yield of Lindsay Corp. stocks is 0.5%. Lindsay Corp. had an annual average earning growth of 10.6% over the past 10 years.LNN is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of Royce& Associates, Manning & Napier Advisors, Inc, Mario Gabelli of GAMCO Investors, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates.
Highlight of Business Operations:Competition The U.S. center pivot irrigation system industry has seen significant consolidation of manufacturers over the years; four primary U.S. manufacturers remain today. The international market includes participation and competition by the leading U.S. manufacturers as well as certain regional manufacturers. The Company competes in certain product lines with several manufacturers, some of whom may have greater financial resources than the Company. The Company competes by continuously improving its products through ongoing research and development activities. The Companys engineering and research expenses related to irrigation totaled approximately $4.1 million, $3.0 million, and $3.6 million for fiscal years 2010, 2009, and 2008, respectively. Competition also occurs in areas of price and seasonal programs, product quality, durability, controls, product characteristics, retention and reputation of local dealers, customer service, and, at certain times of the year, the availability of systems and their delivery time. The Company believes it competes favorably with respect to all of these factors.
These systems have been in use since 1987. Significant progress has been made introducing the products into international markets in recent years. Typical sales for a highway safety or road improvement project range from $2.0-$20.0 million, making them significant capital investments.
Competition The Company competes in certain product lines with several manufacturers, some of whom may have greater financial resources than the Company. The Company competes by continuously improving its products through ongoing research and development activities. The Companys engineering and research expenses related to infrastructure products totaled approximately $3.7 million, $3.0 million and $2.8 for fiscal years 2010, 2009 and 2008, respectively. The Company competes with certain products and companies in its crash cushion business, but has limited competition in its moveable barrier line, as there is not another moveable barrier product today comparable to the QMB® system. However, the Companys barrier product does compete with traditional safety shaped concrete barriers and other safety barriers.
As of August 31, 2010, the Company had an order backlog of $38.4 million compared with $43.6 million on August 31, 2009. Included in the August 31, 2010 backlog is a $14.8 million project for the Companys QMB® system, which is expected to ship in the first half of fiscal 2011. The August 31, 2009 backlog included $19.6 million for the Mexico City QMB® system project completed in the first half of fiscal 2010. The Company expects that the existing backlog of orders will be filled in fiscal 2011.
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