Shares of Lindsay, a supplier of irrigation and road-infrastructure services, experienced a significant surge after announcing its fiscal fourth-quarter results that outperformed expectations set by Wall Street analysts. The stock soared by nearly 24% to $132.22 during morning trading. Although shares are still down by approximately 19% year-to-date, the positive earnings report has instilled confidence in investors.
Impressive Financial Performance
For the fiscal fourth quarter, Lindsay reported a profit of $19.2 million, or $1.74 per share, representing an increase from $17.9 million, or $1.62 per share, during the same period in the previous year. This surpassed the expected earnings of $1.11 per share, as forecasted by analysts surveyed by FactSet. However, revenue for the quarter experienced a decline of 12% to $167.1 million, slightly exceeding the projected revenue of $157.8 million.
Future Outlook and Expectations
Although Lindsay did not provide an in-depth financial outlook for the upcoming fiscal year, CEO Randy Wood expressed optimism regarding the company’s future performance. Wood anticipates that fiscal 2024 will bring increased benefits from U.S. infrastructure spending. While commodity prices have cooled off across various sectors, Wood believes that the farm economy remains robust and will continue to support Lindsay’s irrigation business throughout the current fiscal year.
In conclusion, Lindsay’s strong fiscal fourth-quarter results have positioned the company for potential growth in the coming years. With an upbeat outlook for future prospects, investors remain hopeful for continued success.