Why Manufacturing Company Lindsay Shares Are Gaining Today
Portfolio Pulse from Nabaparna Bhattacharya
Lindsay Corporation (NYSE:LNN) shares are trading higher after reporting strong third-quarter results in its infrastructure unit. The company posted earnings per share of $1.85, beating expectations of $1.17, despite a 15% year-over-year decline in revenues to $139.20 million, missing the consensus of $144.36 million. The infrastructure segment saw an 11% increase in revenues, helping offset weaknesses in the irrigation segment.
June 27, 2024 | 4:47 pm
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Lindsay Corporation shares are up 9.33% after reporting strong Q3 results in its infrastructure unit. The company beat EPS estimates with $1.85 per share, despite a 15% decline in overall revenues. The infrastructure segment's 11% revenue growth helped offset weaknesses in the irrigation segment.
The strong performance in the infrastructure unit and the EPS beat are driving the stock price higher. Despite the decline in overall revenues, the market is reacting positively to the growth in the infrastructure segment and the better-than-expected earnings.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100