Lindsay and their larger competitor Valmont Industries pretty much comprise the irrigation industry in the U.S.
Like Berkshire they are both based in Omaha.
From Agrimoney:
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Lindsay Corporation forecast the continuation into 2015 of the downturn in farmers' spending on equipment prompted by weaker grain prices, as the maker of irrigators revealed a bigger-than-expected drop in profits.The US-based group, owner of brands such as Zimmatic, Growsmart and Skyharvester, reported earnings for the September-to-November quarter down by 26% to $7.57m, equivalent to $0.62 per share.That fell short of the $0.76 per share that Wall Street was expecting.The extent of the profits decline reflected an 8.7% drop to $134.8m in revenues, also short of the $137m that investors had expected, as Lindsay fell foul of the reluctance by farmers to splash out on machinery, as noted by groups such as Deere & Co and Agco too.'Market challenges'"The US irrigation market contraction continued in the quarter," Rick Parod, the Lindsay chief executive, said."Lower commodity prices, uncertainty surrounding renewal of tax incentives, and lower farm incomes affected farmers' sentiment regarding equipment purchases."And he forecast a continuation of the trend, which for Lindsay has now seen revenues post year on year declines for four successive quarters, while reporting a 21% drop year on year in unshipped orders, as of November 30."We expect the current market challenges in agriculture to continue into calendar 2015," Mr Parod said.'Political instability'In the US market, where Lindsay's ag revenues fell by 21% to $62.7m, the group highlighted that an "increase in grain stocks is compressing commodity prices", curtailing farm income....MORE
