Lindsay Corp (NYSE:LNN) stock fell 3.44% (As on June 28, 11:19:26 AM UTC-4, Source: Google Finance) after the company posted mixed result for the third quarter of FY 24. The cost of operating revenues fell 16.7% year over year to $93 million. Gross profit decreased 12.8% to $46.5 million from the year-earlier quarter. The gross margin was 33.4% compared with the year-ago quarter’s 32.4%. The Irrigation segment’s revenues fell 19% year over year to around $115 million in the fiscal third quarter. North America irrigation revenues decreased 9% from the year-ago quarter to $68 million due to lower unit sales volumes and reduced sales of replacement parts. International irrigation revenues dipped 31% year over year to $47 million on lower sales volumes in Brazil and other Latin America markets. The irrigation segment’s operating income fell 36% year over year to $19.5 million. The Infrastructure segment’s revenues increased 11% year over year to $24 million on higher Road Zipper System sales and increased lease revenues. The segment reported operating income of $6.3 million, up 76% year over year.

LNN in the third quarter of FY 24 has reported the adjusted earnings per share of $1.41, beating the analysts’ estimates for the adjusted earnings per share of $1.25, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $139 million in the third quarter of FY 24, missing the analysts’ estimates for revenue of $152 million. As of May 2024, U.S. corn prices have decreased 24 percent and U.S. soybean prices have decreased 7 percent from price levels prevailing in May 2023.

Additionally, Lindsay had cash and cash equivalents of $140 million at the end of the third quarter of fiscal 2023 compared with $161 million at the end of fiscal 2023. The company’s long-term debt stood at around $115 million at the end of the fiscal third quarter, flat with the end of fiscal 2023. The company has issued a quarterly cash dividend of 36 cents per share, a 3% increase compared to the previous quarter’s projected rate of 35 cents. The company has completed $17.9 million in share repurchases during the quarter.

LNN’s infrastructure business is beginning to benefit from rising infrastructure spending in the United States, particularly in Road Zipper System leasing and sales of road safety equipment. It also continues to actively manage projects through the Road Zipper System project sales funnel. The company has secured $100 million-plus multi-year irrigation project in a developing international region.