Stock Story -
Agricultural and farm machinery company Lindsay (NYSE:LNN) will be announcing earnings results tomorrow before market hours. Here's what you need to know.
Lindsay missed analysts' revenue expectations by 12.3% last quarter, reporting revenues of $151.5 million, down 8.9% year on year. It was a weak quarter for the company, with a miss of analysts' operating margin and earnings estimates.
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This quarter, analysts are expecting Lindsay's revenue to decline 12.3% year on year to $144.4 million, improving from the 23.2% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.17 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Lindsay has missed Wall Street's revenue estimates five times over the last two years.
With Lindsay being the first among its peers to report earnings this season, we don't have anywhere else to look to get a hint at how this quarter will unravel for heavy machinery stocks. However, the whole sector has been hit hard over the last month as stocks in Lindsay's peer group are down 4% on average. Lindsay's stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $134 (compared to the current share price of $113.5).
