Lindsay Corporation, an irrigation systems manufacturer, announced results for its third quarter ended May 31, 2015.
Third quarter fiscal 2015 revenues were $160.7 million versus $169.9 million of revenues in the same prior year period. Net earnings were $12.9 million or $1.10 per diluted share compared with $16.5 million or $1.28 per diluted share in the prior year.
Irrigation equipment revenues totaled $131.3 million including $6.3 million of revenues from the recently acquired Elecsys Corporation, a 12 percent decrease from $149.0 million in the prior fiscal year's third quarter. U.S. irrigation revenues of $86.7 million decreased 2 percent primarily as a result of the reduction in commodity prices and lower storm damage sales, partially offset by Elecsys revenue.
In the international irrigation markets revenues for the third quarter were $44.6 million, decreasing 27 percent over the same quarter last year, with 10 percent revenue decline due to currency exchange. Sales declined in most markets but most significantly in Europe, China and Russia/Ukraine.
Infrastructure revenues increased 41 percent to $29.4 million primarily due to increases in road safety product sales and Road Zipper System sales and leases.
Total irrigation equipment revenues decreased 14 percent to $354.3 million from $414.1 million during the first nine months of the prior fiscal year. U.S. irrigation revenues of $219.1 million decreased 16 percent, while international irrigation revenues of $135.2 million decreased 12 percent. Infrastructure revenues increased 46 percent to $82.3 million.