Lindsay Corp. said sales and profit rose in its fiscal second quarter amid increased demand and despite labor challenges caused by the spread of the Omicron variant.
The Omaha, Neb.-based irrigation- and infrastructure-equipment manufacturer reported net income of $14.6 million for the three months ended Feb. 28, compared with $11.9 million a year earlier.
On a per-share basis, the company reported earnings of $1.32, compared with $1.08 a share a year earlier. Analysts surveyed by FactSet were expecting earnings of $1.27 a share.
Sales rose 39% to $200.1 million from $143.6 million, the company said. Analysts surveyed by FactSet had been looking for revenue of $187.1 million.
“Global agricultural market conditions continue to be favorable and have contributed to an increase in demand for our irrigation equipment,” Chief Executive Randy Wood said.
“At the same time, the effects of the global pandemic continue to impact our business and create operational challenges. During the quarter we experienced a short-term disruption in labor availability in our Nebraska manufacturing facility due to an increase in employee absences caused by the Omicron variant,” Mr. Wood said.