Why Shares of Lindsay Are Plummeting Today
Failing to meet Wall Street's expectations, Lindsay (NYSE: LNN) reported third-quarter 2023 financial results this morning before markets opened, and investors aren't happy. Although management waxed optimistic about the company's future prospects, the commentary wasn't enough to quench investors' thirst for the irrigation and infrastructure company to perform well in the present.
Bouncing back from their earlier decline of 11.5%, shares of Lindsay are down 6.3% as of 11:29 a.m. ET.
Unable to meet analysts' expectations for $208.4 million on the top line, Lindsay reported Q3 2023 revenue of $164.6 million -- a 23% decrease compared to the same period last year. The performance on the bottom of the income statement provided additional disappointment. Suffering a 33% year-over-year decrease, Lindsay reported earnings per share of $1.53, sharply lower than the $2.15 that Wall Street had estimated.
Source Fool.com
