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Lindsay Corporation (LNN+1.90%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing an increase in operating revenues to $166.3 million from $161.4 million in the same quarter the previous year. The increase is attributed to higher international irrigation revenues.
North America irrigation revenues decreased to $77.7 million from $89.4 million, primarily due to lower unit sales volume and less favorable product mix.
International irrigation revenues increased to $69.4 million from $50.8 million, driven by shipments for a large project in the Middle East and North Africa region.
Infrastructure segment revenues decreased to $19.2 million from $21.2 million, primarily due to differences in timing of lease revenues and lower sales of road safety products.
Gross profit for the quarter was $50.0 million, comparable to $49.9 million in the previous year, with a gross margin of 30.0% compared to 30.9% in the previous year.
Operating expenses increased slightly to $29.1 million from $28.8 million, with higher administrative and selling expenses offset by lower engineering and research expenses.
The company reported net earnings of $17.2 million, or $1.57 per diluted share, compared to $15.0 million, or $1.36 per diluted share, in the previous year.
Cash provided by operating activities was $21.6 million, while cash used in investing and financing activities was $8.8 million and $5.3 million, respectively.
Lindsay Corporation's backlog of unshipped orders increased to $168.2 million from $86.8 million, with a significant portion attributed to the large project in the MENA region.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lindsay Corporation quarterly 10-Q report dated January 7, 2025. To report an error, please email earnings@qz.com.