Lindsay 4Q profit drops 81 pct, sales tumble

OMAHA, Neb. (AP) — Lindsay Corp., which makes irrigation systems, said Wednesday that its profit in the fiscal fourth quarter dropped 81 percent on a 50 percent decline in revenue as farmers continue to shy away from investing in new equipment.

The company reported a profit of $2.1 million, or 17 cents per share, for the quarter ending Aug. 31 compared to $11.3 million, or 90 cents per share, a year earlier.

Revenue fell to $73.4 million from $147.2 million in the year-ago period.

Analysts polled by Thomson Reuters were expecting a profit of 35 cents per share on higher revenue of $85.9 million.

Rick Parod, Lindsay's president and chief executive, said farmers continued to remain cautious about making investments in capital goods.

For the full fiscal year, Lindsay earned $13.8 million, or $1.11 per share, compared to $39.4 million, or $3.20 per share, a year earlier. Annual revenue fell 29 percent to $336.2 million from $475.1 million.

Lindsay shares fell 96 cents, or 2.9 percent, to $32.54 in afternoon trading.