Yahoo Finance Lindsay (LNN) Signs Irrigation Project Deal for Food Security
Lindsay Corporation LNN signed a multi-year supply agreement to provide Zimmatic irrigation systems and FieldNET remote management and scheduling technology in the Middle East and North Africa region. This move is part of a broader strategy to support localized food production in the region.
The project is valued at more than $100 million in revenues. Pivot shipments for this project will commence in fourth-quarter fiscal 2024 and are scheduled to continue until 2025.
FieldNET Advisor offers project-wide monitoring and control of pivots and personalized suggestions that utilize millions of agronomic data points synthesized with AI for exceptional precision. Lindsay's FieldNET technology enables producers in water-stressed locations to do more with less.
The partnership demonstrates LNN's ability to carry out large-scale and complicated projects that meet the crucial demands of its customers. It also shows the company's ability to raise food output, conserve limited water resources and improve quality of life.
The company delivered earnings per share of $1.64 in second-quarter fiscal 2024 (ended as of Feb 29, 2024), which beat the Zacks Consensus Estimate of $1.52. The bottom line moved up 1% year over year.
Lindsay generated revenues of $152 million, down 8.8% from $166 million reported in the year-ago quarter. The top line missed the Zacks Consensus Estimate of $171 million.
Price Performance
Lindsay’s shares have declined 9.9% in the past year compared with the industry’s fall of 6.2%.
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Zacks Rank & Stocks to Consider
Lindsay currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the Industrial Products sector are Intellicheck, Inc. IDN, Applied Industrial Technologies AIT and ACCO Brands Corporation ACCO. IDN currently sports a Zacks Rank #1 (Strong Buy), and AIT and ACCO carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Intellicheck’s 2024 earnings is pegged at 2 cents per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 28.9%. IDN’s shares have gained 15.2% in the past year.
Applied Industrial has an average trailing four-quarter earnings surprise of 8.2%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.62, indicating year-over-year growth of 9.9%. Estimates have moved north by 2% in the past 60 days. The company’s shares have appreciated 51.2% in the past year.
The Zacks Consensus Estimate for ACCO Brands’ 2024 earnings is pegged at $1.07 per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 25.9%. The stock has moved up 6.6% in the past year.
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