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Lindsay Corp. has a market cap of $709.8 million; its shares were traded at around $56 with a P/E ratio of 17.8 and P/S ratio of 1.5. The dividend yield of Lindsay Corp. stocks is 0.6%. Lindsay Corp. had an annual average earning growth of 18.8% over the past 10 years.
Highlight of Business Operations:Operating revenues for the three months ended November 30, 2011 increased by $30.0 million or 34 percent to $119.2 million compared with $89.2 million for the three months ended November 30, 2010. The increase is attributable to a $40.7 million increase in irrigation revenues offset by a $10.7 million decrease in infrastructure revenues.
International irrigation revenues for the three months ended November 30, 2011 increased $16.7 million or 71 percent to $40.1 million compared with $23.4 million for the three months ended November 30, 2010. Operating revenues increased in nearly all international markets, most significantly in the Middle East, South America and China. Long-term market drivers of improving diets and a growing world-wide population combined with the water use efficiencies available from mechanized irrigation systems continue to be positive drivers for global irrigation equipment demand.
Gross profit was $30.2 million for the three months ended November 30, 2011; an increase of $6.0 million compared to $24.2 million of gross profit for three months ended November 30, 2010. Gross margin was 25.4 percent for the three months ended November 30, 2011 compared to 27.2 percent for the three months ended November 30, 2010. Total gross margin was lower primarily due to lower revenues of higher-margin QMB® product. Infrastructure segment gross margins excluding QMB® improved and irrigation segment gross margin improved due to cost leverage and productivity gains on higher sales volumes.
Net earnings were $2.9 million or $0.23 per diluted share for the three months ended November 30, 2011 compared with $4.3 million or $0.34 per diluted share for the same prior year period. First quarter fiscal 2012 results included $7.2 million of accrued expense, or $0.37 per diluted share on an after tax basis, related to an increase in the Company’s environmental remediation accrual at its Lindsay, Nebraska facility. Comparatively, fiscal 2011 included environmental remediation expense of $0.7 million, or $0.04 per diluted share after tax.
As of November 30, 2011, the Company has an order backlog of $52.8 million compared with $59.7 million at November 30, 2010 and $46.0 million at August 31, 2011. The Company’s backlog can fluctuate from period to period due to the seasonality, cyclicality, timing and execution of contracts. Typically, the Company’s backlog at any point in time represents only a portion of the revenue it expects to realize during the following three month period.
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