Lindsay Corporation (LNN) has reported a 13.56 percent rise in profit for the quarter ended May 31, 2017. The company has earned $10.95 million, or $1.02 a share in the quarter, compared with $9.64 million, or $0.90 a share for the same period last year.
Revenue during the quarter grew 7.23 percent to $151.53 million from $141.32 million in the previous year period. Gross margin for the quarter expanded 71 basis points over the previous year period to 30.29 percent. Total expenses were 88.51 percent of quarterly revenues, down from 89.16 percent for the same period last year. This has led to an improvement of 65 basis points in operating margin to 11.49 percent.
Operating income for the quarter was $17.41 million, compared with $15.32 million in the previous year period.
Rick Parod, president and chief executive officer, commented, "Irrigation segment results for the third quarter reflect a level of stabilization in the U.S. irrigation equipment market, a continued recovery in Brazil, and increased project activity in developing international markets. Irrigation operating margin performance in the U.S. continues to benefit from the strength and growth of our technology products. Stronger infrastructure segment results for the quarter reflect continued growth and performance of our global Road Zipper business, as well as international market growth for our road safety products."
Operating cash flow improves
Lindsay Corporation has generated cash of $24.47 million from operating activities during the nine month period, up 20.51 percent or $4.16 million, when compared with the last year period.
The company has spent $4.98 million cash to meet investing activities during the nine month period as against cash outgo of $9.36 million in the last year period.
The company has spent $7.61 million cash to carry out financing activities during the nine month period as against cash outgo of $58.24 million in the last year period.
Cash and cash equivalents stood at $113.21 million as on May 31, 2017, up 23.73 percent or $21.71 million from $91.50 million on May 31, 2016.
Debt remains almost stable
Total debt of Lindsay Corporation remained almost stable for the quarter at $117.03 million, when compared with the last year period. Interest coverage ratio improved to 15.06 for the quarter from 13 for the same period last year.
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