Shares of Lindsay (NYSE:LNN) Corporation saw a significant upswing on Thursday, surging nearly 16% in response to the company's Q4 results, which outperformed both Wall Street and analyst expectations. This sharp rise counteracts a 19% slump the company had experienced year-to-date.
Lindsay reported a Q4 profit of $19.2 million, or $1.74 per share, surpassing last year's figures as well as the forecasted earnings of $1.11 per share. While the company's revenue did see a decrease, falling 12% to $167.1 million, it still managed to exceed the projected mark of $157.8 million.
Looking ahead, Lindsay's CEO Randy Wood expressed optimism for fiscal 2024. He anticipates gains stemming from U.S infrastructure spending and a robust farm economy, which he believes will bolster their irrigation division.
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