Lindsay reports Q1 EPS $1.36, consensus $1.27

Reports Q1 revenue $161.4M, consensus $163.43M. Lower net EPS resulted largely from lower operating income that was partially offset by higher interest income. In addition, net EPS in the quarter were impacted by a higher effective income tax rate compared to the prior year Q1. “Demand for irrigation equipment in North America improved in the quarter, reflecting increased order activity as grower profitability became more certain post-harvest compared to the delayed investment decisions we had experienced in last year’s spring selling season,” said CEO Randy Wood. “Quoting activity in international irrigation markets remains active and growing, however revenues for the quarter were lower in South America following the record revenues captured in Brazil in the prior year. Across our infrastructure business, growth in our Road Zipper System leasing revenues and sales of our road safety products largely offset muted Road Zipper System project activity in the quarter. Importantly, our leasing business continues to represent a greater proportion of our infrastructure segment revenues with this sales mix accretive to Lindsay’s overall margin profile.”