Lindsay Corp hits over 3-year low on downbeat results, weak outlook

Lindsay

29/06/2023 17:21

** Shares of agricultural irrigation equipment maker Lindsay
Corp  LNN.N  fall 6.7% to $116.30, the lowest since May 2020
    ** Co posts Q3 adj. earnings of $1.53​​ per share vs
analysts' estimates of $2.15 per share
    ** Also posts Q3 revenue of $164.6 mln vs estimate of $208.4
mln
    ** Says revenue hurt by investment delays for irrigation
equipment and projects
    ** "A projected year-over-year decline in U.S. net farm
income, combined with high input costs and increasing interest
rates, negatively impacted unit sales volume in our irrigation
business"- CEO Randy Wood
    ** Expects Q4 demand in North America to be lower than last
year 
    ** Including session's losses, stock down 28.3% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))